Marketplace: Pre-settlement processing - A new initiative from CLS and ICAP
CLS Group and interdealer broker, ICAP, are creating a new joint venture (JV) to provide trade aggregation services to participants active in the over the counter FX market. The new business, initially named CLS Aggregation, is designed to address the rapid increase in foreign exchange trading as an asset class by a widening group of hedge funds, algorithmic traders, retail and institutional market participants, which have brought substantially higher volumes to the foreign exchange industry.