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 Bank Protocols 


CLS Bank publishes and administers information on Bank Protocols.

The purpose of these Protocols is to offer market participants an efficient way to address issues relating to standards and/or best practices surrounding post-trade processes where related payment instructions are submitted to the CLS system for settlement services in CLS Bank. Such standards and/or best practices have been developed and agreed generally by the industry.

Participation in the Protocols is open to all market participants (Members and non-Members of CLS Bank). It should be noted that there is no adherence fee required for market participants wishing to participate in these Protocols.

 FX Protocol 

Background

The purpose of the FX Protocol is to offer market participants an efficient way to address legal and operational issues that arise in connection with FX transactions whose related FX Instructions are submitted to the CLS system for settlement services in CLS Bank. Specifically:

  • Confirmation of Economic Terms (Legal) – to enable parties with FX instructions related to their underlying FX transaction submitted to the CLS system for settlement in CLS Bank to treat FX instructions that have been matched in the CLS System as a confirmation of each economic term of the underlying FX transaction so matched.
  • Adoption of Stated Industry Best Practice (Operational) – to enable parties to notify other parties of their respective current positions, as an operational matter, on the stated industry best practice of not requiring the receipt of a separate confirmation of an FX transaction if the related FX instructions have been matched in the CLS system (the “Best Practice”). Unlike the confirmation of economic terms described above, this is an optional, not mandatory, provision in the FX Protocol.
Type
Document Title
Version
Microsoft Excel spreadsheet
The CLS Bank Protocol, FAQs and, if applicable, the relevant Letters should be reviewed carefully by your institution before acting on any information summarized in this file. (In particular, it should be well understood that, as indicated in the FAQs, an institution's adherence to the FX Protocol alone does not provide any indication of whether it has adopted the Best Practice of no longer requiring the receipt of separate confirmations.)
May 25, 2011 
PDF document
This will contain the conformed copies and will be updated regularly.
April 03, 2013 
PDF document
This contains the conformed copies and will be updated regularly.
April 03, 2013 
PDF document
Jul 14, 2008 
PDF document
Jul 14, 2008 
PDF document
Jul 14, 2008 
Microsoft Word document
For Single Adherence Party: Non-Member
Jul 14, 2008 
Microsoft Word document
For Multiple Adhering Parties: Affiliates
Jul 14, 2008 
Microsoft Word document
For Investment or Asset Manager
Jul 14, 2008 
Microsoft Word document
For Member or Non-Member and Affiliates
Jul 14, 2008 
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