NEX, CLS Extend FX Compression Service to Third Parties
Expanding the service brings more efficiency to the system, both firms say.
The triReduce CLS FX service, which provides risk mitigation services that began in 2015, is now available to third parties that settle with CLS. The service is also now live with prime brokers, bringing a larger network to the system and reducing notional exposure. Third parties—mostly buy-side firms—that settle with CLS will have to give a compression proposal before processing the results through CLS settlement members they work with.
Michael Modlock, global head of sales and relationship at
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