Title: CLS Group
Content:  CLS (originally Continuous Linked Settlement) is a specialist US financial institution that provides settlement services to its members in the foreign exchange market (FX). Although the forex market is decentralised and has no central exchange or clearing facility, firms that chose to use CLS to settle their FX transactions can mitigate the settlement risk associated with their trades. CLS does this through the operation of a delivery versus payment (DvP) settlement service which mitigates settlement risk for the FX transactions of its settlement members and their customers (third parties). The service started operating in 2002 as an Edge Act Corporation, a limited purpose bank regulated by 
Title: CLS Communication
Content:  CLS Communication was created in 1997 as a spin-off from Swiss Bank Corporation (now UBS) and Zurich Financial Services. In 2002, the company in-sourced the translation teams of Swisscom and Sunrise, Switzerland's two leading telecommunications companies, and the translation unit of the Raiffeisen banking group in Switzerland, setting up offices in London and New York. it acquired London-based Richard Gray Financial Translations (RGFT) in 2004, and added offices in Paris and Madrid. Offices in Copenhagen, Frankfurt Singapore, Hong Kong, Shanghai and Beijing were added. The firm also took over the language services teams of Swiss Re, Lombard Odier, and Danske Bank. In 2003, CLS became fully independent through a management buyout. In 2009 it gained a new majority shareholder, the Swiss-based private equity fund 
Title: CLS Group
Content:  US Federal Reserve. Since it began operations in 2002, CLS has rapidly increased and by March 2017 was settling just over 50% of global FX transactions. As a result, the Financial Stability Oversight Council (FSOC) officially designated CLS a systemically important financial market utility in July 2012. The single day record for value settled is US$11.11 trillion, set on 21 June 2017. The single day record for volume settled is 2.58 million, set on 14 November 2016. In 2002, CLS was launched with 39 members and seven currencies. As of September 2017, CLS settles 18 currencies, has 79 shareholders, 66 settlement members and 24,000+ third-party clients.
Title: CLS Communication
Content:  Besides the firm's core business in writing, editing and translating, it also has a terminology department that helps clients set up their own corporate dictionaries and organise their linguistic assets, and offers a machine translation tool. A niche area in which the firm operates is the European standard Undertakings for Collective Investment in Transferable Securities Directives (UCITS IV), which aims to allow collective investment schemes to operate freely throughout the European Union on the basis of a single authorisation from one member state. CLS also translates annual reports for companies.
Title: CLS Group
Content:  CLS operates a global multi-currency cash settlement system through which settlement risk can be mitigated with finality using a combination of PvP settlement over CLS central bank accounts, local real-time gross settlements systems (RTGS) and multilateral payment netting supported by a resilient infrastructure. In a PvP system both sides’ payment instructions for an FX transaction are settled simultaneously. Without PvP there is a serious risk that one party to an FX transaction will deliver the currency it owes, but not receive the other currency from its counterparty, resulting in the loss of principal. This is known as settlement risk, or “Herstatt Risk”, after the German bank, Bankhaus Herstatt, which collapsed in June 1974 leaving many of its FX counterparties with significant losses. In 1995 the Bank for International Settlements presented a possible solution on a PvP basis. In an advancement to this proposal the G20 banks founded an earmarked financial institute, the CLS Bank International.
Title: CLS Group
Content:  settlement member accounts. Settlement members may submit instructions relating to their own FX transactions as well as the FX transactions of their third-party customers directly to CLS. CLS holds accounts with each of the central banks whose currencies it settles. On each settlement date, upon determining that the accounts of the submitting settlement members satisfy several risk management tests, CLS simultaneously settles each pair of matched payment instructions by making the corresponding debit and credit entries in the settlement members’ accounts at CLS. The settlement of the payment instructions and the associated payments are final and irrevocable. For example, (GBP/USD = 1.50, EUR/USD = 1.25):  These obligations are funded into and from each member’s respective multi-currency 
Title: CLS Group
Content: By trades: ; Member 1: Buys 1,000 GBP/USD from Member 2 ; Member 2: Buys 1,000 EUR/USD from Member 3 ; Member 3: Buys 1,000 GBP/USD from Member 1 ; By currency positions: ; Member 1: Owes USD1500 and GBP1000, collects USD1500 and GBP1000 ; Member 2: Owes USD1250 and GBP1000, collects EUR1000 and USD1500 ; Member 3: Owes USD1500 and EUR1000, collects USD1250 and GBP1000 ; CLS then multi-laterally nets the total obligations: ; Member 1: Pays 0.0 and receives 0.0 ; Member 2: Pays GBP1000, and receives EUR1000 and USD250 ; Member 3: Pays USD250 and EUR1000, and receives GBP1000 Following an FX transaction, settlement members submit payment instructions to CLS. These instructions are authenticated 
Title: CLS Group
Content:  CLS has expanded the number of currencies it settles over the years and currently settles:
Title: CLS Group
Content:  matched by CLS and maintained by the system until settlement date. The CLS daily settlement cycle operates with settlement and funding occurring during a five-hour window when all real-time gross settlement (RTGS) systems in the CLS settlement currency jurisdictions are open and able to make and receive payments. This enables simultaneous settlement of the payments on both sides of an FX transaction. Each settlement member holds a single multi-currency account with CLS. At the start and end of a normal settlement day, each settlement member has a zero balance on its account. Under normal operations of the settlement service, CLS starts and ends the day with a zero balance in its central bank accounts and in 
Title: CLS Holdings
Content:  CLS Holdings plc is a British commercial property investment business based in London, England. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

Question: cls bank deals with transactions arising out of?
Answer: foreign exchange market.
the foreign exchange market.