What role has CLS played in opening up the market? Specifically, although not a central counterparty, the market seems to have extended credit to many new institutions, provided they use CLS. Was that as expected?

Add your own comments to, and read the views of: Arthur Cousins, Director Strategy and Product Development, Standard Bank; Ed Pla, Global Head of FX Prime Services, UBS; Martin Rettich, managing director - custody & transaction services (incl. CLS), Credit Suisse; Clare Francis, managing director, financial markets sales at Lloyds TSB Corporate Markets; Michael duCharme, Russell Currency Management Group. Expert FX comment by people in the know.