CLS bank waits on Fed approval for FX settlement

UK - Settlement bank CLS, aiming to provide a global system to cut risk in settling currency deals, hopes for regulatory approval next month for a full commercial start in the last quarter of this year, Reuters reports a spokesman as saying.

Shareholder banks of CLS (Continuous Linked Settlement) are currently in trials of the service but once it has the go-ahead from the U.S. Federal Reserve it will start controlled live use of the system, possibly in mid to late September.

"We have to complet