Our foundations

  • 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 2002 in seven currencies for 39 settlement members
  • 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 25,000 third-party customers
    Additional participants join CLSNet
    More market participants benefit from CLSNet

    CLSSettlement welcomes first Philippine third-party bank
    Metrobank participates in settlement service through UBS

    CLSSettlement welcomes Sumitomo Electric Industries
    First Japanese manufacturing company to settle currency trades via CLSSettlement as a third-party

    CLSSettlement welcomes first Latin American third-party
    Banco Monex is the first bank in Latin America to offer access to CLSSettlement

    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

  • 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

  • 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

  • CLS makes aggregated FX trade data available via subscription

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

  • FX compression service launched with Nex TriOptima

    Cross currency swap settlement launched with IHS Markit

    HUF go-live

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

    CLS wins landmark patent case (Alice)

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

    BCBS issues FX settlement risk guidance

  • 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)

  • 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

  • Settlement extended for OTC credit derivatives (DTCC partnership)

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

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

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

  • Allsopp Report /BIS-CPSS

  • Bankhaus Herstatt fails

CLS Corporate overview