The following description is taken from the web site of a second tier prime broker. "[ ] is a second tier prime broker that provides financial institutions, hedge funds and professional trader's totally unrestricted access to the FX markets through a choice of multi-bank portals allowing them to trade with multiple counterparties at the best rates with deep liquidity, using a prime broker's credit line. Our prime broker is a member of the world-wide CLS (credit link settlements) which was formed to eliminate cross-border credit risk associated with currency settlements." Focusing only on the second tier prime broker's credit risk factor, can fellow ET members explain whether a client's money will be safe in the event of such broker's insolvency, given that the client will have a contractual relationship with the second tier prime broker only, but not counterparties? The underlying assumption is that there is no investor protection scheme in the US or UK in relation to cash FX transactions.