As the leading financial market infrastructure for the FX market, CLS welcomes the latest BIS Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Markets (BIS Survey), which provides greater transparency on global FX turnover, including the increasing share of emerging markets and developing economies (EMDE) currencies. 

The survey results show that the FX market has grown over the last three years, and so has CLS. In April 2025, average daily traded volumes in CLSSettlement reached USD2.54 trillion, an increase of 36.6% compared to the last BIS triennial survey period of April 2022. CLSNet also continues to expand, with EMDE currencies accounting for around 68% of total instructions in April 2025, further strengthening risk mitigation across the FX ecosystem.

CLS is actively working with market participants to explore enhancements to CLSNet to further mitigate settlement risk. These developments aim to extend the platform’s capabilities and strengthen its role as the market standard for FX post-trade services.