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GTO Offers CLS Link

Global Trading Operations (GTO), the FX/MM settlements outsourcing provider, announced that users can access CLS through its parent company, Bank One, or the client’s preferred Settlement Member.

Officials point out that the introduction of CLS will represent yet another major change to banks’ operating systems, immediately following the introduction of the euro and preparation for Y2K.

For example, back office systems will be required to recognise multiple settlement instructions, depending on if a trade is CLS eligible, the currency pair, counterparties and cut-off times. GTO systems have been designed to recognise the relevant criteria, direct the settlement instructions appropriately and import status updates from the Settlement Member or CLS.

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