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CLS Bank Settles Record $3.7 Trillion

CLS Bank International set a record on December 15 for the value of payment instructions settled in a single day. CLS Bank settled 197,592 payment instructions with a gross value of $3.684 trillion. This new high is the first time that the value of payment instructions settled has exceeded $3 trillion in a day, and represents a 27% increase on the previous record of $2.885 trillion, set on November 12, 2004, following the US public holiday on November 11.

CLS Bank is now settling on average over 170,000 payment instructions a day derived from foreign exchange deals submitted by its members, with a gross value in excess of $1.9 trillion.

Joseph De Feo, CEO of CLS Group and president and CEO of CLS Bank, says, “In setting a new record so soon after the previous volume and value record last month, we have demonstrated the continuing strong growth of the CLS Bank service. Combined with the launch of four additional Settlement Eligible Currencies last week [December 6], this is further evidence that we are moving towards our goal of settling a significant majority of global FX transactions.”

On December 6, CLS announced it was adding four currencies, bringing to 15 the number of currencies eligible to settle through CLS Bank. The new currencies are the Hong Kong dollar, the Korean won, the New Zealand dollar and the South African rand. The new currencies join the existing 11: the Australian dollar, Canadian dollar, Danish krone, euro, Japanese yen, Norwegian krone, Singapore dollar, Swedish krona, Swiss Franc, sterling, and the US dollar.

A total of 296 institutions are now settling through CLS Bank. Of these, 58 are CLS Bank Members, and an additional 238 banks, brokers, funds and corporates are using the service as member customers (third parties).

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