Mark Yallop, chief operating officer at ICAP, says the aim of the joint venture with CLS is to cut ticket costs and reduce the levels of operating risk in processing
He adds: “The dramatic growth of the FX market means it is now facing challenges that were completely unforeseen even and few years ago
”
The initial group of banks that have committed support to the joint venture is: Citigroup, Deutsche Bank, J
The initial group of banks that have committed support to the joint venture is: Citigroup, Deutsche Bank, J
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Morgan and Royal Bank of Scotland
Other significant FX prime broking banks have been invited to become part of the founding group
Participating banks not part of the founding group will be able to participate in the service, subject to the same pricing schedule as the founding banks