About CLS
CLS Group was founded in 1997 to create the first global settlement system, eliminating settlement risk in the foreign exchange market. CLS Settlement is the market standard for FX settlement and is the industry’s response to increased and continuing regulatory concern about settlement and systemic risk associated with the growth in FX trading.
CLS Settlement is offered by CLS Bank International (‘CLS Bank’). Owned by the foreign exchange community, CLS Bank operates the largest multi-currency cash settlement system to eliminate settlement risk in the foreign exchange market.
Based on information in the settlement service and recent central bank and market surveys, CLS estimates that in terms of the market for which it provides settlement risk elimination services, its market share is 68% as at April 2010. This emphasises how successful the service has become since its launch 2002. The basis on which CLS has estimated its share of the FX market can be found here.
Seventeen currencies are currently eligible for CLS Settlement. They are: US Dollar, Euro, UK Pound, Japanese Yen, Swiss Franc, Canadian Dollar, Australian Dollar, Swedish Krona, Danish Krone, Norwegian Krone, the Singapore Dollar, the Hong Kong Dollar, the New Zealand Dollar, the Korean Won, the South African Rand, the Israeli Shekel and the Mexican Peso.