MARKETPLACE
“There is no significant bank in the FX prime
brokerage world that is not connected toTraiana
Harmony,” Mandelzis says. However, he does not
foresee that banks must be of such a scale or be on
Harmony to benefit from the CLS Aggregation
Service. He adds that connections can be built
easily and banks of all sizes can benefit from the CLS
Aggregation Service.
Mandelzis says that the need for aggregation has been
supported by the biggest players in FX and it is a key
component needed to move forward with a much
more scalable model to support the future growth of
the industry. “An industry solution for a much more
scalable model without the need to completely re-
engineer all the banks’ back offices was needed and the
CLS Aggregation Service fulfils that need” he says. Lee Buck
“This will reduce flow to the back officeIt is expected that as banks grow to a certain size they
and increase capacity.”will join the service, primarily because there is no
other cost-effective way of gaining these efficiencies.
To gain this level of capacity in their back office and because Citi already had an aggregation in place
settlement systems would be too expensive without the as part of theTraiana Harmony network, and the
service. “The service is a very compelling alternative to workflow had already been optimised for that.
expensive rebuilds and the bottlenecks that can occur
in the banks’ back offices.” He says: “The CLS Aggregation Service is one of
many answers but it is a very significant one.This isCiti is now live on the CLS Aggregation Service.
another huge step in making the market much moreAndrew Coyne, Head of FX Prime Brokerage and
efficient in processing transactions and brings the cost-eCommerce Products at the bank says that the
base down.”preparation and integration work was greatly reduced
Benefits of joining the CLS Aggregation Service
For Coyne, the main benefit of joining the CLS
Aggregation Service is that it helps capacity and in
so doing, reduces cost and risk. “It gives us more
certainty, it moves us on to the next stage and allows
us to rethink the way we do things again. If we keep
shifting the way the market operates, to a more
efficient level, we can get to a point where we have
a different view of the market and can see other
benefits and other opportunities. For this reason, it is
important to keep the evolution going.”
Many of the FX prime brokers have already built their
systems for scale and capacity has been a competitive
weapon in the past and they have invested accordingly
to capture more business.
Andrew Coyne The ability to process higher volumes will help
“This is another huge step in making the banks to grow, but Coyne says Citi did not have
market much more efficient in processing t this specific issue, in terms of capacity built into the
ransactions and brings the cost-base down.”
system. However, he agrees it is taking pressure off
|38 april 2010 e -FOREX
Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108  |  Page 109  |  Page 110  |  Page 111  |  Page 112  |  Page 113  |  Page 114  |  Page 115  |  Page 116  |  Page 117  |  Page 118  |  Page 119  |  Page 120  |  Page 121  |  Page 122  |  Page 123  |  Page 124  |  Page 125  |  Page 126  |  Page 127  |  Page 128  |  Page 129  |  Page 130  |  Page 131  |  Page 132  |  Page 133  |  Page 134  |  Page 135  |  Page 136  |  Page 137  |  Page 138  |  Page 139  |  Page 140  |  Page 141  |  Page 142  |  Page 143  |  Page 144  |  Page 145  |  Page 146  |  Page 147  |  Page 148  |  Page 149  |  Page 150  |  Page 151  |  Page 152  |  Page 153  |  Page 154  |  Page 155  |  Page 156  |  Page 157  |  Page 158  |  Page 159  |  Page 160  |  Page 161  |  Page 162  |  Page 163  |  Page 164  |  Page 165  |  Page 166  |  Page 167  |  Page 168  |  Page 169  |  Page 170  |  Page 171  |  Page 172