The CLS group of companies is an industry-owned consortium that exists to deliver the CLS settlement service to the market.
Committed to high standards of corporate governance throughout the CLS group, it has a robust governance structure which, in meeting applicable financial and legal requirements, provides what it considers to be an appropriate level of governance flexibility with high standards of business transparency, accountability and independence.
CLS Group Holdings AG
CLS Group Holdings AG is the parent company of the CLS group of companies. It is incorporated in Switzerland and is regulated by the US Federal Reserve as if it were a bank holding company. It is owned by CLS shareholders and has the following operating subsidiaries listed below.
CLS UK Intermediate Holdings Ltd
CLS UK Intermediate Holdings Ltd., organised under the laws of England and Wales and located in London, with a representative office in Tokyo, acts as an intermediate holding company and provides corporate services to the CLS group of companies. It has two wholly- owned subsidiaries, CLS Services Ltd. and CLS Bank International.
CLS Bank International
CLS Bank International (CLS Bank) is an Edge Act corporation which is a limited purpose institution regulated by the US Federal Reserve. CLS Bank is located in New York and provides the settlement service and, to do so, maintains a central bank account for each of the 17 eligible currencies. The Federal Reserve acts as the lead overseer of CLS Bank in a cooperative oversight arrangement with the central banks whose currencies are settled by CLS Bank. CLS Bank regularly meets with the CPSS sub-group on Foreign Exchange Settlement Risk, the forum for this cooperative oversight process that is chaired by the Federal Reserve.
CLS Bank observes the Core Principles for Systemically Important Payment Systems published by the BIS Committee on Payment and Settlement Systems of the central banks of the G10 countries (CPSS).
CLS Services Ltd.
CLS Services Ltd., a company organized under the laws of England and Wales and located in London, provides technical and operational support to CLS Bank.
CLS Aggregation Services LLC
CLS Aggregation Services LLC (CLSAS) is a majority-owned subsidiary of CLS Bank that was formed as a limited liability company under the laws of the State of Delaware. CLS Bank holds a 51% interest in CLSAS, whose intended purpose is to be the key provider of inter-dealer, post-trade, pre-settlement services to the high volume FX market. The remaining 49% of CLSAS is owned by Traiana, Inc., a subsidiary of ICAP.