CLS public statement: CPMI report on facilitating increased adoption of PvP

5 August 2022

“In October 2020, the Financial Stability Board, in coordination with the Bank for International Settlements’s Committee on Payments and Market Infrastructures (CPMI), published its ‘Enhancing Cross-border Payments Stage 3 roadmap’ comprising 19 building blocks of which building block 9 focuses on facilitating increased adoption of payment-versus-payment (PvP) in order to reduce FX settlement risk. As a financial market infrastructure that operates the leading PvP settlement system for FX transactions (CLSSettlement), CLS welcomes the CPMI’s recently published analysis of the industry input on this part of the cross-border payments roadmap. 

The full report can be found here: Facilitating increased adoption of payment versus payment (PvP) (

CLS has long advocated for greater PvP adoption to mitigate FX settlement risk. It has worked closely with both the public and private sectors to not only highlight the importance of PvP adoption but also to explore credible means by which FX settlement risk can be addressed. CLS will continue to monitor developments closely and work with both sides to find new ways to further mitigate settlement risk in the FX industry.


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