Three more banks join CLS/Icap FX joint venture
27 July 2009 | 8995 views | 0
Bank of America, Credit Suisse and Morgan Stanley have joined four other founder banks in supporting the CLS/Icap joint venture to provide trade aggregation services in the over-the-counter FX market.
The joint venture was announced in April between FX settlement group CLS and interdealer broker Icap, with the support of Citigroup, Deutsche Bank, JPMorgan and Royal Bank of Scotland.
Traiana, an Icap company, will be providing technology to the venture via the Traiana Harmony network, with the objective of rationalising post trade processes to cope with rising FX volumes.
Rob Close, chief executive officer of CLS Group comments: "The value of our aggregation service increases with participation, and adding Bank of America, Morgan Stanley and Credit Suisse to the group of founding banks will accelerate benefits to all participants."