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…And CLS

Given the volatility in the FX market, it is unsurprising that CLS Bank set a new record on the August 20 for the volume of payment instructions settled in one day, smashing its previous record of 705,582 to reach a high of 873,430. This is the first time that CLS’s volume of payment instructions settled has exceeded the 800,000 mark, with the new record equalling a gross value of USD 4.9 trillion, despite last week’s uncertain conditions in the market with record FX activity. So far in August, the Bank has settled an average of 450,000 payment instructions a day derived from instructions submitted by its members and their third party clients, with a gross value in excess of USD 3.9 trillion. “This new record, which is a result of record FX market activity last week, is almost twice the current average volume and represents a significant increase on our projected volumes for 2007,” says Rob Close, CEO of CLS Group and president of CLS Bank. “Despite the challenged that the industry was faced with in the light of these high volumes, it is pleasing that the CLS Bank service coped with all systems and processes operating well.”

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