CLS in MarketSpace talks
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The clearing house for FX trades last week held discussions with CME and Reuters about whether it will allow trades netted through the central clearing house to be settled with it. There is understood to be serious concern from CLS about the potential revenue drain that would result if MarketSpace netted all trades prior to submitting them through CLS.
When it launched the proposition, CME and Reuters stressed the cost savings that would be made by netting trades through the central counterparty
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