Market use of Continuous Linked Settlement (CLS), the mechanism designed to eliminate or reduce settlement or "Herstatt" risk, continues to grow strongly.
During March 2006, CLS Bank International says it settled on average 247,813 instructions per day, with an average value of $2.7 trillion. This represents a 10.1% rise in volume compared to February.
CLS adds that the number of banks, brokers, funds and corporates using the CLS Bank service reached 767, a 2.1% rise from February.
