CLS Group
CLS (originally Continuous Linked Settlement) is a specialist US financial institution that provides settlement services to its members in the foreign exchange market (FX). Although the forex market is decentralised and has no central exchange or clearing facility, firms that chose to use CLS to settle their FX transactions can mitigate the settlement risk associated with their trades.[1]
| Edge Act Corporation | |
| Industry | Banking, financial services |
| Founded | 2002 |
| Headquarters | New York City |
Area served | Worldwide |
| Website | www |
CLS does this through the operation of a payment versus payment (PvP) settlement service which mitigates settlement risk for the FX transactions of its settlement members and their customers (third parties).
The service started operating in 2002 as an Edge Act Corporation, a limited purpose bank regulated by the Federal Reserve Bank of New York.[2]
Since it began operations in 2002, CLS has rapidly become the market-standard for foreign exchange settlement. As a result, the Financial Stability Oversight Council (FSOC) officially designated CLS a Systemically Important Financial Market Utility in July 2012.[3]
The single day record for gross-value settlement, set on 19 March 2008, stands at US$10.3 trillion, for 1,113,464 payment instructions. The single day record for gross-volume settlement, set on 28 May 2013, is 1,992,652.[4]
In 2002 CLS was launched with 39 Members and seven currencies. As of November 2015 CLS settles 18 Currencies, has 74 Shareholders, 64 Settlement Members and over 9,000 active Third Party participants.
Members include:
- 23x15pxANZ
- 23x15pxBank of America
- 23x15pxBank of Montreal
- 23x15pxBank of New York Mellon
- 23x15pxBarclays
- 23x15pxBBVA
- 23x15pxBNP Paribas
- 23x15pxCanadian Imperial Bank of Commerce
- 23x15pxCitigroup
- 23x15pxCommerzbank
- 23x15pxCommonwealth Bank
- 23x15pxCrédit Agricole
- 23x15pxCredit Suisse
- 23x15pxDanske Bank
- 23x15pxDeutsche Bank
- 23x15pxGoldman Sachs
- 23x15pxHSBC
- 23x15pxING
- 23x15pxIntesa Sanpaolo
- 23x15pxJP Morgan
KBC- 23x15pxLandesbank Bayern
- 23x15pxLloyds
Mitsubishi UFJ Financial Group- Mizuho Financial Group
- 23x15pxMorgan Stanley
- 23x15pxNational Australia Bank
- 23x15pxNatixis
- Nomura
- 23x15pxNordea
- 23x15pxNorthern Trust
- 23x15pxRabobank
- 23x15pxRoyal Bank of Canada
- 23x15pxRoyal Bank of Scotland
- 23x15pxSantander
- 23x15pxScotiabank
- 23x15pxSEB
- 23x15pxSociété Générale
- 23x15pxStandard Chartered
- 23x15pxState Street
- File:Flag of Japan.svgSumitomo Mitsui Financial Group
- 23x15pxSvenska Handelsbanken
- 23x15pxSwedbank
- 23x15pxToronto-Dominion Bank
- 23x15pxUBS
- 23x15pxUniCredit
- 23x15pxWestpac
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References
- ↑ "BIS report" (PDF). BIS.org. Retrieved 2012-07-01.
- ↑ "About CLS". Cls-group.com. Archived from the original on 2012-08-24. Retrieved 2012-06-30.
- ↑ "Financial Stability Oversight Council Makes First Designations in Effort to Protect Against Future Financial Crises". treasury.gov. Retrieved 2012-10-18.
- ↑ "CLS Bank settles new record value". CLS. March 19, 2008.[dead link]