CLS Delays Settlement Launch -- New Action Plan To Be Readied
SETTLEMENT
NEW YORK--CLS Services has announced a delay to the launch of its new settlement system for FX contracts.
The bank-owned industry organization, which was founded to reduce foreign exchange settlement risk, has had setbacks in its systems development, says Phil Lynch, chief operating officer at CLS.
The development of the applications that the member banks will use to connect to CLS has experienced some setbacks, he says, which has delayed the final phase of the system's development.
CLS was due to
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