FXMS enters CLS market
The system, called FXSettle, went live with Citi and UBS in February. A third bank, thought to be Barclays Capital, is due to go live in April. It provides an alternative settlement model to industry utility CLS, which has come under fire for its high costs to prime brokers for settling surging volumes of low-value tickets on a gross basis.
FXSettle relies upon the exchange model used by FXMS, where all trades are novated to the CME Clearing House. The Clearing House establishes direct
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