CLS Group

CLS plays a fundamental role in the FX market – it operates the largest multicurrency cash settlement system to mitigate settlement risk for the FX transactions of its Members and their customers. Owned by 73 of the world’s leading banks, CLS settles payment instructions related to trades executed in six traded instruments and in 17 currencies.

Since its launch in 2002, CLS has worked with the FX industry and regulators to address issues of settlement and systemic risk in the FX market. CLS believes that through the use of a unique combination of payment versus payment settlement conducted in central bank funds, multilateral payment netting and a standard legal framework, supported by a robust and resilient infrastructure, CLS provides the best means by which settlement risk can be effectively mitigated.

During 2012, CLS has settled an average daily volume of more than 710,000 instructions with an average daily value of US$4.6 trillion. In September 2011, it settled a new record volume of 1,960,492 sides in one day.