CLS processes first custodian trade

CHICAGO-based bank Northern Trust was the custodian for customer Merrill Lynch Asset Management’s (MLAM) trade with counterparty Barclays Capital. Bank of New York acted as an outsourcing agent for MLAM’s back-office and submitted the instructions to Northern Trust, which then submitted the details to CLS.

Sean O’Donovan, manager of FX and cash management operations at Northern Trust in London, said the development offers investment managers and clients the opportunity to see their complete FX

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