CLS Bank International set a new record for the volume of payment instructions settled in one day on January 16, settling 705,582 payment instructions with a gross value of $ 5.22 trillion.
As is generally the case with CLS, the new record follows a US public holiday, therefore two days’ worth of trades are condensed into one, however this is the first time that the volume of payment instructions settled has exceeded 700,000 in one day, and is 33% higher than the previous record of 529,318 set on December 20.
Usage of CLS, which eliminates settlement risk through a simultaneous and irrevocable global multi-currency settlement system, continues to grow strongly. Not only does the system boast 957 (inclusive of 57 members) banks, brokers, funds and corporates who are now settling through CLS Bank, but last month it also set a record for average daily volume.
In December it settled an average of 289,999 payment instructions a day derived from foreign exchange deals submitted by its members and their third party clients, with a gross value in excess of $ 3.3 trillion.
Rob Close, chief executive officer of CLS Group and president and CEO of CLS Bank, says: “This is the second month in a row that the volume record has been broken. Volumes have risen by 33% in the last year and continue to rise. 2007 will see further enhancements to the CLS Bank service as we seek to maximise our value to the market.”