Jonathan Butterfield Executive Vice President, Marketing andCommunication, CLS Bank International
Jonathan Butterfield Executive Vice President, Marketing andCommunication, CLS Bank International

CLS – benefits shared

In its first 18 months of operation CLS has demonstrated its value to the market. Jonathan Butterfield outlines how its benefits are increasingly being recognised by Settlement Member banks and participants.

First Published: e-Forex Magazine 14 / Features / April, 2004

Over the last 18 months CLS Bank International (‘CLS Bank’) has been settling a growing number of instructions for foreign exchange trades with its Continuous Linked Settlement (CLS™) service. Over 27 million payment instructions with a gross value of over $300 trillion have been settled since launch. CLS Bank is now settling over 120,000 of these instructions each day, with a gross value of around US $ 1.2 trillion.In addition to the 56 Settlement Member banks in over 150 locations, over 120 third party participants are settling via CLS Bank utilizing services from Settlement Members that are CLS service providers. Many more are due to go live over the coming year. We are hearing that participants are realising various benefits from CLS settlement such as greater efficiency, improved cash flow and liquidity management, and expanded trading lines.Extended benefitsAmongst users, CLS is perceived to be an essential part of the front-to-back office forex value chain and its benefits extend far...continued

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