Our history

Our innovative thinking has transformed FX by reducing risk and, since our launch in 2002, we’ve created significant efficiencies and cost-savings for our clients.

2018
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  • 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

2017
  • triReduce CLS FX eliminated USD4 trillion in gross notional value in 2017 and wins “Best New Technology Product – post trade” at the FOW International Awards

    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

    CLS Aggregation expanded to support the aggregation of non-CLS currencies

    FX Global Code published

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

    CLSNet expanded to support more currencies at launch

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

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2016
  • CLS makes aggregated FX trade data available via subscription

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

    Automated payment netting service – CLSNet - begins development

    CLS extends its technology partnership with IBM

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2015
  • FX compression service launched with Nex TriOptima

    Cross currency swap settlement launched with IHS Markit

    HUF go-live

    Settlement service for CCPs with LCH begins development

    BIS FX Working Group to establish code of conduct for FX established

2014
  • CLS wins landmark patent case (Alice)

2013
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  • BCBS issues FX settlement risk guidance

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

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)

2010
  • CLS Aggregation launched with Traiana

2008
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  • Two more currencies added – Israeli shekel and Mexican peso

    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 certain over-the-counter (OTC) credit derivatives – a partnership with the Depository Trust & Clearing Corporation (DTCC)

2004
  • First fund FX transaction settled

    Four more currencies added (Hong Kong Dollar, Korean Won, New Zealand Dollar, South African Rand)

2003
  • CLS adds four more currencies (Danish krone, Norwegian krone, Singapore dollar and Swedish krona)

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2002
  • CLS is launched with 39 Members and seven currencies (Australian dollar, Canadian dollar, euro, Japanese yen, Swiss franc, UK pound sterling, US dollar)

1996
  • First fund FX transaction settled

    CPSS publishes a report: Settlement Risk In Foreign Exchange Transactions (the Allsopp Report) – a strategy for addressing FX settlement risk

1974
  • Bankhaus Herstatt fails

CLS Corporate overview