Buzz in the market says CLS is about to unveil a venture with a technology partner and a group of banks to allow the aggregation of trades. Well-placed sources insist this is not a move towards netting but something designed to ease the pressure on the back offices of CLS’ clients – many of which are also its shareholders. All the normal suspects are said to be involved, but none of them will comment because a final agreement has yet to be reached. Should the deal be concluded, I’m told it is likely to have far reaching implications. Expect more on this in due course.