A year ago an upbeat Rob Close, soon-to-be chief executive of CLS Group, ambitiously told delegates at the Sibos financial forum that his foreign exchange settlement system would target up to 400 new clients and secure 95% of the world's foreign exchange trades.

Close left the Atlanta conference, however, with critics' warnings ringing in his ears. He must, they demanded, cut costs, expand the currency range and better educate fund managers and companies about the risk-reduction benefits offered by his Continuous Linked Settlement system.