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CLS welcomes U.S. Bank to CLSSettlement
CLS announced that U.S. Bank National Association (U.S. Bank) has joined CLSSettlement as a settlement member and become the third settlement member to join this year, bringing the total number of settlement members to 76. U.S. Bank is the fifth largest bank in the US and is headquartered in Minneapolis.
CLSSettlement is recognized as the global standard in FX settlement risk mitigation across 18 of the most traded currencies, with an average daily settled value of USD7.9 trillion in the first half of 2025, an increase of 12% year-on-year.
The importance of demonstrating robust FX settlement risk management and operational excellence is becoming an ever-increasing priority for market participants and public policy makers. With this increased industry focus on settlement risk mitigation, U.S. Bank’s adoption of CLSSettlement demonstrates appetite amongst financial institutions to adopt payment-versus-payment (PvP) settlement solutions. PvP is the recommended method of mitigating settlement risk as per the best practices outlined in Principle 35 of the FX Global Code.1
Lisa Danino-Lewis, Chief Growth Officer, CLS said: “We are delighted that U.S. Bank has joined the growing CLSSettlement community. Having one of the US’s largest banks by assets under management join our network is a testament to the benefits CLSSettlement provides to FX markets participants. The service not only offers funding and liquidity efficiencies through multilateral netting but also mitigates settlement risk through PvP settlement. CLSSettlement settles over USD7 trillion per day in 18 currencies for our 76 settlement members and over 38,000 third-party participants.”
“Joining CLSSettlement is another step forward in our progress in delivering comprehensive, best-in-class FX services to our clients.”
Global Head of FX
U.S. Bank
Chris Braun, Global Head of FX, U.S. Bank said: “Our continually expanding FX business helps firms across the U.S. manage currency risk with tailored mitigation strategies, deep market insight and reliable execution. Joining CLSSettlement is another step forward in our progress in delivering comprehensive, best-in-class FX services to our clients.”
[1] Principle 35 states, inter alia:Where practicable, Market Participants should eliminate Settlement Risk, for example by using settlement services that provide PvP settlement. Where Settlement Risk cannot be eliminated, Market Participants should reduce the size and duration of their Settlement Risk as much as practicable. The netting of FX settlement obligations (in particular the use of automated netting systems) is encouraged.