Global CLS Bank Settlement Service Links Market With Vendor Registration Programme

First Published: e-Forex Magazine 7 / News / July, 2002

CLS Bank International's Settlement Service will link seven of the world's central bank real time gross settlement systems for the first time, with over 65 shareholders from the world's major commercial and investment banking institutions. A financial "Eco System" of institutions, their agents and participant central banks will eliminate the intra-day settlement risk in today's foreign exchange market. The scale of change is creating the opportunity for vendors - software providers, systems houses and consultants - to be linked through a formal global CLS Vendor Registration Programme.CLS Settlement fundamentally changes the handling of foreign exchange settlement instructions. The intra-day settlement risk is replaced by a five hour real time settlement window. Settlement is final and irrevocable or funds are returned same day.Joseph De Feo Chief Executive Officer of CLS Group"With the average daily turnover in global FX transaction recently estimated at almost US$2 trillion there has never been more of a...continued

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