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Interbank Order Processing

Location: Blogs Top Postings/Articles on Top Forex-Websites
Posted by: Pat	4/11/2007 2:29 PM
In another recent article appearing in the Wall Street Journal, CLS Bank International, the New York based company that manages the world’s foreign exchange settlement network, revealed that it’s looking for a more efficient way to process orders. The first week of March the company handled a daily average of 400,000 settlements, a 33 1/3 % increase over the historical norm. The increase is apparently being driven by hedge funds who are using automated trading algorithms to collect short term profits. According to Jonathan Butterfield, executive vice president at CLB Bank in New York, the settlement process is going to have to be revamped to accommodate the increased demand. As it stands today, the vast majority of orders are processed on an individual basis but in the not too distant future the larger participating banks are going to have to start netting (pooling) them. What this means for the retail trader is anyone’s guess but we’re hoping the change will lead to quicker fills between participating banks and their broker partners.

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