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FX Global Code

The Code was released on 25 May 2017. CLS CEO, David Puth, has been integral to its development in his role as Chair of the Market Participants Group.

Click here to view David Puth's interview on Bloomberg TV


Annual Report 2016


CLS enhances financial stability by providing risk mitigation and operational services for the global FX market.

Our role

CLS plays a fundamental role in the foreign exchange (FX) market – it operates the largest multicurrency cash settlement system to mitigate settlement risk for the FX transactions of its Members and their customers.  

Owned by the world's leading financial institutions, CLS settles payment instructions relating to underlying FX transactions in 18 major currencies and certain other transactions that result in one-way payments in a subset of those currencies. 

The FX Market 

The FX market is a key part of global economic activity. It is the largest financial market by value and is integral to global commerce. The reasons for exchanging currencies are as diverse as the community who trade them. This community includes central banks, commercial banks, small and large corporations and the fund management industry.

Settlement Risk 

All members of the FX community potentially bear the risk of loss of principal due to settlement risk. Settlement risk, also known as “Herstatt risk,” is widely recognized as the most significant systemic risk to participants in the FX market, meaning the mitigation of it is a high priority for the community as a whole.

Membership Criteria

More details of CLS’ legal requirements for Settlement Members and currencies can be found in: 

CLS Bank International Rules

CLS Currencies
Currency map
Cross currency swaps

Find out more about how the settlement of cross currency swaps can benefit your business.