FleetBoston selects HSBC for CLS

The deal means HSBC will process over 100,000 CLS transactions a year for Fleet and be its sole access to settling trades on the CLS system.

Representatives from Fleet’s FX operations, audit, risk management and legal departments constituted the selection team, and HSBC was rated top among four banks short-listed, the bank said last week.

Jim Witkins, head of Wholesale Technology and Operations at Fleet, said: "After a year-long search of 10 premier clearing banks, HSBC was chosen for its CLS

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