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CLSAS: CLS/ICAP forex aggregation service opens for business
The joint venture between CLS Group and Traiana, an Icap company, to provide trade aggregation services to participants active in the over-the-counter FX market has gone live. The service, known as CLSAS, aims to reduce operational risk, lower post trade costs and rationalise and consolidate legacy post-trade processes throughout the global FX markets. Only aggregated trades will need to be processed and settled in CLS, providing settlement risk elimination whilst alleviating the processing burdens on participating banks by 90 per cent or more. Operating within the CLS regulatory framework, the supporting technology ... (full story)