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Linking in the Buy Side: Will CLS Revolutionize Foreign Exchange Processing for Investment Managers?

Published by: TowerGroup

Published: Dec. 12, 2005 - 11 Pages


Table of Contents


TowerGroup Take-Aways




Report Coverage




Vision




Background


Exhibit 1: Foreign Exchange Market Turnover by Counterparty Type (1995-2004)

Exhibit 2: CLS Bank: Automating the FX Settlement Process for Investment Managers (2005)




What's Driven the Adoption of CLS by Banks?

Reduced Settlement Risk

Improved STP Rates

Reduced Costs

Better Liquidity Management


Exhibit 3: CLS Members Opinion of CLS Impact on Their Institutions (2005)




CLS Will Be a Harder Sell to the Buy Side

Custodians' Readiness


Exhibit 4: Custodians with a Third-Party CLS Offering Live or in Development (2005)


Client Demand

Improved Reporting

IT Cost and Complexity


Exhibit 5: Current and Potential Future CLS Currencies (2005)

Exhibit 6: Third-Party Participants Technology Spending to Implement CLS: External vs. Internal (2005)




Summary

Abstract

This TowerGroup Research Note addresses the potential impact of CLS on the investment management market and the challenges that may impede this growth. This Research Note refers to some of the data collected in TowerGroup's 2005 CLS Survey, to which 49 of 55 member banks and 43 of 500 third-party CLS participants responded. The full results of this survey may be found in The Continuous Linked Settlement (CLS) System: Results of the 2005 TowerGroup/CLS Survey of Settlement and Third-Party Members, available from TowerGroup's Banking and Payments practice.

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