The success of CLS, says its chief executive David Puth, can not be measured in weeks or even months, but only in years.

That is an appropriate, if somewhat unorthodox, tag line for an organisation that has made huge progress in reducing risk in the forex market but sometimes appears to expand at an almost glacial pace. Adding members and currencies is a slow and complex process, but Puth (pictured below) is confident the company, which employs just over 350 staff, is moving in the right direction.