CLS Group

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 payment versus payment (PvP) 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 the Federal Reserve Bank of New York.

Since it began operations in 2002, CLS has rapidly become the market-standard for foreign exchange settlement. 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 gross-value settlement, set on 19 March 2008, stands at US$10.3 trillion, for 1,113,464 payment instructions. The single day record for gross-volume settlement, set on 28 May 2013, is 1,992,652.

In 2002 CLS was launched with 39 Members and seven currencies.  As of November 2015 CLS settles 18 Currencies, has 74 Shareholders, 64 Settlement Members and over 9,000 active Third Party participants.

Members include:
 ANZ
 Bank of America
 Bank of Montreal
 Bank of New York Mellon
 Barclays
 BBVA
 BNP Paribas
 Canadian Imperial Bank of Commerce
 Citigroup
 Commerzbank
 Commonwealth Bank
 Crédit Agricole
 Credit Suisse
 Danske Bank
 Deutsche Bank
 Goldman Sachs
 HSBC
 ING
 Intesa Sanpaolo
 JP Morgan
 KBC
 Landesbank Bayern
 Lloyds 
 Mitsubishi UFJ Financial Group
 Mizuho Financial Group
 Morgan Stanley
 National Australia Bank
 Natixis
 Nomura
 Nordea
 Northern Trust
 Rabobank
 Royal Bank of Canada
 Royal Bank of Scotland
 Santander
 Scotiabank
 SEB
 Société Générale
 Standard Chartered
 State Street
 Sumitomo Mitsui Financial Group
 Svenska Handelsbanken
 Swedbank
 Toronto-Dominion Bank
 UBS
 UniCredit
 Westpac

References

Category:Banks based in New York City
Category:2002 establishments in the United States