News

Law

Asset Management

Investment Banking

Wealth

Hedge Funds

People

Newsletters

Events

Lists

FX

Banks pick old tech over blockchain for FX service

The foreign exchange settlement giant CLS has spent two years building a blockchain that banks are reluctant to connect to

Banks pick old tech over blockchain for FX service
Photo: Getty Images

CLS, a key settlement house in the $5tn-a-day foreign exchange markets, has been forced to water down a two-year blockchain project amid security concerns raised by the world’s main FX dealers.

The decision is another example of how the financial services industry can struggle to adopt distributed ledger technology, despite it being much-vaunted for its cost-saving potential.

WSJ Logo