We deliver huge efficiencies and savings for our clients: in fact, our approach to multilateral netting shrinks funding requirements by over 96% on average, so you can put your capital and resources to better use. Our complementary products are designed to enable you to manage your risk most effectively across the full FX lifecycle – whether through more efficient processing tools or market intelligence derived from the largest single source of FX executed data available to the market.  

Learn more about our history and how we are building our business to deliver a suite of targeted solutions to the FX market by applying the expertise, network and trust we have built as a global financial market infrastructure.

 

Our foundations

  • We were established in 2002 as a result of unprecedented co-operation among the global FX community
  • We protect our settlement members and their clients from the most significant risk in the FX market – settlement risk – by settling the payment instructions for FX transactions between counterparties across the globe
  • We began settling FX payment instructions in seven currencies for 39 settlement members
  • We are regulated and supervised by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York
  • Today, CLSSettlement, settles payment instructions in 18 currencies for 70+ settlement members and over 28,000 third-party customers
2021
  • Emerging market leaders, Alfa-Bank and First Abu Dhabi Bank, are the first banks in Russia and the UAE to join CLSNet

2020
  • CLSNet expands network with the addition of Actinver, BNP Paribas, Citibank and J.P. Morgan 

    Third-party adoption of CLSSettlement continues:

    • First Philippine bank - Metrobank
    • First Japanese manufacturing company - Sumitomo Electric Industries
    • First Mexican pension fund – Afore Citibanamex
    • First bank in Latin America to offer third-party access – Banco Monex

    Goldman Sachs joins the cross-currency swaps settlement service

    CLSMarketData clients gain access to quantitative analytics capabilities through SIGTech

    Collaboration with Finastra to provide their corporate and buy-side customers with access to CLSNet

    ANZ onboards the HUF, making it the first Asia Pacific bank to settle all 18 eligible currencies

    Capitolis and Capitalab join TriOptima as approved providers under the CLSOptimization banner

    Seamless service delivery throughout the Covid-19 pandemic

2019
  • Buy-side uptake of CLSSettlement continues
    Including the first Japanese pension fund and asset managers joining CLSSettlement

    CLSNow goes live
    A bilateral same-day FX gross payment-versus-payment settlement service

    First Chinese third-party bank
    China CITIC joins CLSSettlement

    FX Forward Volume dataset
    The first data product for the FX forward market

2018
  • CLSNet goes live

    CLSClearedFX goes live with LCH

    CLSTradeMonitor goes live

    Additional data products launched to enable better FX risk management and smarter business decisions – CLSReporting and CLSFX Forecast data

  • CLS expands FX forward compression service to third parties

    Mitsui becomes first Japanese corporate to settle currency trades via CLS

    First Japanese funds join CLSSettlement

2017
  • FX Global Code published

    CLS announces major new innovations for the FX market with a focus on settlement, processing, and data services (September)

    Nippon Life becomes first NBFI in Japan to settle currency trades via CLS (September)

  • CLS signs Statement of Commitment to FX Global Code

    Fund management institutions can access CLSSettlement in Korea for the first time

    CLS introduces alternative models for membership – affiliated and non-shareholder settlement memberships

2016
  • CLS makes aggregated FX trade data available via subscription

    Samsung Securities becomes first NBFI to settle on CLS system in South Korea

2015
  • FX compression service launched with Nex TriOptima

    Cross currency swap settlement launched with IHS Markit

    HUF go-live

2014
  • US Federal Reserve issued rule to incorporate PFMI into Regulation HH

    CLS wins landmark patent case (Alice)

2013
  • CLS introduces Same-Day Settlement for US and Canadian dollar trade

    BCBS issues FX settlement risk guidance

2012
  • US treasury exempts FX swaps and forwards from mandatory clearing

    New principles for FMIs published (CPSS-IOSCO)

    CLS is designated as a systemically important Financial Market Utility (FMU)

2008
  • Two more currencies added – Israeli shekel (ILS) and Mexican peso (MXN)

    CPSS publishes a report: Progress in Reducing Foreign Exchange Settlement Risk which renews the focus on FX settlement risk reduction

    Financial crisis

2007
  • Settlement extended for OTC credit derivatives (DTCC partnership)

2004
  • Four more currencies added (HKD, KRW, NZD, ZAR)

2003
  • CLS adds four more currencies (DKK, NOK, SEK, SGD)

2002
  • CLS is launched with 39 Members and seven currencies (AUD, CAD, EUR, JPY, CHF, GBP, USD)

1996
  • Allsopp Report / BIS-CPSS

1974
  • Bankhaus Herstatt fails

CLS Corporate overview