CLS showdown in 2003

Top players say that with charges for trades based on volumes going through the new settlement service, market-share will be key. That means of the 40 banks now qualified to offer third-party CLS provision -- known as Settlement Members -- there will only be room for a handful of banks in the endgame, say the top players.

"You need a 10--15% market-share to make being a Settlement Member successful, and that means there can only be four or five providers," said Michael Knorr, CLS project

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact customer services -, or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to FX Markets? View our subscription options

You need to sign in to use this feature. If you don’t have a FX Markets account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: