CLS Group, the global industry standard for FX settlement services and Traiana, an interdealer broker company, have said that Bank of America, Credit Suisse and Morgan Stanley have agreed to join a founder group, that has already extended its support to the joint venture between them. Traiana will be providing technology to the venture using its market-standard Traiana Harmony network.
The founder group consists of Citigroup, Deutsche Bank, JPMorgan and Royal Bank of Scotland. Both the firms have said that the joint venture will provide the means to reduce operational risk, rationalise and consolidate legacy post trade processes and reduce post trade costs in the global FX markets, at a time when volumes have increased substantially.
Rob Close, CEO of CLS Group and president and CEO of CLS Bank International, said: “We are excited to add these new participants, which as leading firms in prime brokerage and high frequency trading segments will benefit greatly from the service. Further, the value of our aggregation service increases with participation, and adding Bank of America, Morgan Stanley and Credit Suisse to the group of founding banks will accelerate benefits to all participants.”
Gil Mandelzis, CEO of Traiana, said: “The growing support from FX market leaders demonstrates the momentum that this initiative has gathered. The addition of Bank of America, Credit Suisse and Morgan Stanley bring us closer to realizing our vision to reshape post-trade processing and promote market growth.”
