CLS Settlement 

CLS Settlement is the only means by which settlement risk can be eliminated with finality using a unique combination of payment versus payment in central bank funds, multilateral payment netting and a standard legal framework, supported by a robust and resilient infrastructure. It is the market standard for FX settlement, as well as offering cash final settlement for some traded financial products beyond FX.

CLS Settlement:  

• Eliminates FX settlement risk in the world’s single largest market
  
• Settles seventeen currencies that account for 95% of daily traded value
• Settles matched FX trades on a payment versus payment (PvP) basis
  
• Multi-laterally nets all obligations per value date.
  
  
• Settles payment instructions related to trades executed in six main instruments:
  • FX spot
  • FX forwards
  • FX option exercises
  • FX swaps
  • Non deliverable forwards
  • Credit derivatives