Spotlight on: Alan Bozian, CLS


Given its small size, CLS is an organisation with a colossal amount on its plate. Since it was established in 2002, it has become a critical infrastructure in the foreign exchange market, protecting participants from non-payment of a forex contract by guaranteeing they will always get their money back. The firm now mitigates so-called Herstatt risk, or settlement risk, across 17 currencies, accounting for 58% of global FX trading activity by value, according to its latest estimates in February.

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