CLS Services, the interbank consortium developing continuous linked settlement for foreign exchange markets, has announced five new shareholders: Banca Intesa, Banco Popular Español, Dexia Banque Internationale à Luxembourg, Sumitomo Trust and Zürcher Kantonalbank. This brings the total number of bank shareholders to 61,says a CLS Services spokesperson, which accounts for “a substantialmajority of the FX trading markets in 16 countries”.
Banca Intesa and Sumitomo Trust are the first Italian and Japanese members of CLS, the spokesperson adds, while Dexia BIL is the first Luxembourgeois bank to sign up. The settlement service plans to go live in October this year. It is currently undergoing beta testing at four global banks: Barclays Capital, HSBC, JP Morgan Chase and UBS Warburg.