CLS squares up to member onboarding challenges
Foreign exchange central settlement utility CLS has repeatedly emphasised its intention to grow the number of currencies and institutions it covers, as the FX market comes under increasing regulatory pressure to ensure sound risk management. But clear challenges lie ahead in expanding the CLS universe.
While the complexity of adding currencies has been well-documented, adding settlement members can also be an arduous process. Since CLS launched in 2002, it has grown the number of direct
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