Goldman Sachs to Support CLS/ICAP Joint Venture for Global FX Markets

CLS Group and Traiana, an ICAP company, have announced that Goldman Sachs has become the latest bank to support their joint venture that is set to provide trade aggregation services to participants active in the over-the-counter (OTC) foreign exchange (FX) market. The joint venture was initially announced in April 2009 between CLS Group, the industry standard for FX settlement services, and ICAP, an interdealer broker.

Goldman Sachs joins a founder group of seven banks that have committed support to the joint venture comprising: Bank of America, Credit Suisse, Citigroup, Deutsche Bank, JPMorgan, Morgan Stanley and The Royal Bank of Scotland.

As FX continues to grow as an asset class, this initiative is designed to help to address the rapid increase in volumes by an expanding community including hedge funds, algorithmic traders, and retail and institutional participants. The joint venture will enable a reduction in operational risk, reduce post trade costs and both rationalise and consolidate legacy post-trade processes throughout the global FX markets.

Traiana is providing the technology infrastructure to the venture using its market-standard Traiana Harmony network, which will be rolled out to participating firms following regulatory approval.


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