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settlement, CLS calculates the funding required of each settlement member on a multilateral netted basis. The amount of cash required by CLS to settle all payment instructions is reduced, allowing each settlement member to transfer only the net amount of its payment obligations in each currency, rather than the total amount of each trade to be settled. On average, CLS netting efficiency is in the region of 96 percent.
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settling each leg of a forex transaction independently, and often at different times with a lag, in the country of issue of each currency. Banks often waited three days or more before they knew with certainty that they had received the currency they had bought in a given such transaction. The risk of paying out the currency sold but not receiving the currency bought became known as "
1177:
1002:
34:
574:
533:, is the "primary overseer" of CLS Group and CLS Bank, a role it exercises in consultation with the other participating central banks. The CLS Oversight Committee was formed by the participating central banks in 2009, succeeding earlier committee formats, and operates under a Protocol finalized in December 2015.
736:
On each settlement date, upon determining that the accounts of the submitting settlement members satisfy several risk management tests, CLS simultaneously settles each pair of matched payment instructions by making the corresponding debit and credit entries in the settlement members’ accounts at CLS.
350:
In 1996 and 1997, various forms of cooperation were considered between the G20's CLS project and the competing initiatives of FXNet, ECHO and
Multinet, eventually resulting in the latter initiatives' full acquisition by CLS Services in December 1997. ECHO's service was discontinued in April 1999, and
717:
Following an FX transaction, settlement members submit payment instructions to CLS. These instructions are authenticated and matched by CLS and maintained by the system until settlement date. The CLS daily settlement cycle operates with settlement and funding occurring during a five-hour window when
319:
Like FXNet, ECHO and
Multinet, CLS was established as a private-sector project, even though the impetus came from the central banking community through the CPSS; the project turned out to be highly complex, nearly foundered on several occasions, and at such points required intervention by the BIS to
790:
Another key element of the CLS Settlement
Service is the liquidity efficiencies delivered through multilateral payment netting. On each day participants will very likely have more than one trade to settle—in practice, major banks will have hundreds or thousands of trades each day. Each day prior to
697:
In a PvP system both sides’ payment instructions for an FX transaction are settled simultaneously. Without PvP there is a serious risk that one party to an FX transaction will deliver the currency it owes, but not receive the other currency from its counterparty, resulting in the loss of principal.
329:
mechanism with continuous real-time linked processing and item-by-item settlement, thus the name CLS - meaning that the two legs of a foreign-exchange transaction are settled simultaneously. By the spring of 1997, the G20 banks determined that the future system should rely on a central bank account
342:
On 1 July 1997, the G20 banks jointly established CLS Services Ltd in the UK as the project's first dedicated legal entity; other banks were asked for USD 1 million each to join the project as shareholders, as the project building costs were rapidly increasing from an initial estimate of $ 40m at
725:
Each settlement member holds a single multi-currency account with CLS. At the start and end of a normal settlement day, each settlement member has a zero balance on its account. Under normal operations of the settlement service, CLS starts and ends the day with a zero balance in its central bank
324:
group of jurisdictions, which was formed in 1999) as a common interest group. Pressure from the central banks, including the publication of the
Allsopp report in 1996, led the G20 to meet regularly and focus on a common solution to reduce foreign-exchange-related credit risk. In January 1996, it
794:
In addition to the usual settlement service, the in/out swap process is done before the settlement windows to reduce the payment obligations to CLS and to mitigate liquidity pressures. An in/out swap is an intraday swap consisting of two equal and opposite FX transactions that are agreed as an
208:
inherent in the system of multilateral net settlement through which forex transactions were executed at the time. Over the three days following
Herstatt's demise, the amount of gross funds transferred by that system declined by about 60 percent. The core challenge resulted from the practice of
307:, extensively described the past episodes, such as the Herstatt failure, and called on the private sector to find practical solutions to remedy the identified risks, and thus represented "a wake-up call for the industry" that set the basis for subsequent initiatives including CLS.
552:
The management of CLS Bank is based in New York. The CEO of CLS Group and CLS Bank has been, successively, Joseph De Feo (2000-2005), Rob Close (2005-2010), Alan Bozian (June 2010-2012), David Puth (August 2012-December 2019), and Marc Bayle de Jessé (since
December 2019).
338:
relationship), but no physical presence other than in the United States, United
Kingdom, and Japan in order to save costs. This required ad hoc legislation to be passed in participating countries, and also the extension of operating hours in Australia, Canada and Japan.
390:
seconded at the BIS from 1994, was instrumental in the elaboration of the CLS concept as secretary, then chair of the CPSS Steering Group on
Foreign Exchange Settlement Risk. He also chaired the CLS Oversight Committee from its formation in 2009 until June 2018.
253:(BIS) formed successive committees to address the international settlement risk problem, namely the Group of Experts on Payment Systems and the Committee on Interbank Netting Schemes of the Central Banks of the G10 Countries, which in 1990 were replaced by the
311:
Such initiatives also initially included FXNet, which netted trades each day by counterparty pair; the
Exchange Clearing HOuse Ltd (ECHO), a London-based multilateral netting system which started operations in August 1995; and Multinet International Bank, a
631:
systems of participating jurisdictions and holds accounts at their respective central banks, typically enabled (outside of the United States) by ad hoc legislation that exempts CLS from local establishment requirements. As such, CLS Bank is connected to
520:
in the United States. The
Federal Reserve also regulates CLS Bank International, which it supervises as a bank. Under the unique concept initially defined in the Lamfalussy Report of 1990, the central banks of issue of the currencies (other than the
280:), identified minimum standards for the design and operation of cross-border and multi-currency netting schemes, as well as core principles for co-operative central bank oversight of netting system that were to shape the oversight concept for CLS;
504:. Its shareholders have governance rights but do not gain dividend income or an increase in the value of their shares from retained earnings. As of 2022, CLS's website disclosed 79 banks from multiple jurisdictions as its shareholders.
474:
Partly as a consequence of the need for consensus among participating central banks, the CLS Group structure involves entities in several countries. Since 2001, the group's parent company has been CLS Group Holdings AG in
726:
accounts and in its settlement member accounts. Settlement members may submit instructions relating to their own FX transactions as well as the FX transactions of their third-party customers directly to CLS.
487:
corporation, and CLS Services Ltd, a British company that provides operational support to CLS Bank and associated institutions. The only other jurisdictions where CLS is established are Japan and Hong Kong.
460:
The CLS membership and shareholder base has grown accordingly, from 39 members at inception in 2002 to 79 shareholders including 66 settlement members and 24,000+ third-party clients as of September 2017.
343:
end-1995. In July 1998, the project had reached an ownership of 60 shareholders in 14 countries, with total commitments of $ 160m. On 1 November 1999, CLS Bank International was established as a New York
1605:
291:
policymaker Timothy Noël, analyzed the advantages and disadvantages of different central bank services related to payment and settlement systems, without however recommending a single preferred service
560:(June 2001-June 2003), Fritz Klein (June 2003-2005), Mark Garvin (2005-June 2007), Gerard Hartsink (2007-October 2014), Ken Harvey (October 2014-June 2022), and Gottfried Leibbrandt (since June 2022).
156:(also known as forex or 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
316:-chartered bank that similarly developed a multilateral forex netting clearing house. Such entities, however, had no direct access to central bank currency, and struggled to achieve critical mass.
722:(RTGS) systems in the CLS settlement currency jurisdictions are open and able to make and receive payments. This enables simultaneous settlement of the payments on both sides of an FX transaction.
1941:
1936:
627:(PvP) settlement service which mitigates settlement risk for the foreign-exchange transactions of its settlement members and their customers (third parties). CLS Bank is connected to the
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The in/out swap further compresses payment obligation by an average of 75%, which results in a funding requirement in CLS of less than 1% of the total gross settlement value.
457:
The single day record for value settled is US$ 15.4 trillion, set on 15 December 2021. The single day record for volume settled is 3.2 million trades, set on 5 July 2022.
798:
One of the “legs” is settled inside CLS in order to reduce each settlement member’s net position in the two relevant currencies. The other “leg” is settled outside CLS.
714:
presented a possible solution on a PvP basis. In an advancement to this proposal the G20 banks founded an earmarked financial institute, the CLS Bank International.
451:
483:(the original CLS company established in 1997 as CLS Services Ltd and renamed in 1999), which in turn owns two main subsidiaries: CLS Bank International, a U.S.
257:(CPSS). A series of reports by these groups paved the way towards the creation of CLS, each named after the official who chaired the committee that prepared it:
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1346:
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As of 2022, the CLS Oversight Committee has 23 members: the respective central banks of issue of the 18 CLS currencies, plus five national banks of the
497:
179:, during which the forex market remained orderly even in times of severe systemic financial stress, and again during market turmoil associated with the
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Since it began operations in 2002, CLS has rapidly increased and by March 2017 was settling just over 50% of global FX transactions. As a result, the
226:
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survive. In October 1994, senior executives from large international banks formed the "group of 20" or G20 (not to be confused with the
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concept does not entirely eliminate forex settlement risk, but reduces it considerably among the currencies that it encompasses.
141:
1751:
525:) that settle in the CLS system are involved in the group's "oversight" but without a regulatory or supervisory mandate; the
148:. It started operations in 2002 and operates a unique and global central multicurrency cash settlement system, known as the
42:
355:
was selected to develop the CLS technical infrastructure. CLS Bank started operating on 9 September 2002, settling the
1645:"Financial Stability Oversight Council Makes First Designations in Effort to Protect Against Future Financial Crises"
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CLS Group is a commercial entity that is operated on a not-for-profit basis, like other financial utilities such as
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691:
628:
335:
331:
169:
1328:"Why foreign exchange transactions did not freeze up during the global financial crisis: The role of the CLS Bank"
347:
financial institution after the Federal Reserve approved its application, which had been filed on 6 August 1999.
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1327:
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CLS operates a global multi-currency cash settlement system through which settlement risk can be mitigated with
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The creation of CLS was a delayed collective response to the turmoil that followed the failure of Germany's
153:
710:, which collapsed in June 1974 leaving many of its FX counterparties with significant losses. In 1995 the
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the "Lamfalussy Report" of the Committee on Interbank Netting Schemes (1990), named after BIS policymaker
222:
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165:
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Central Bank Payment and Settlement Services with Respect to Cross-Border and Multi-Currency Transactions
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CLS has expanded the number of currencies it settles over the years and currently (mid-2022) settles:
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using a combination of PvP (payment versus payment) settlement over CLS central bank accounts, local
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517:
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systems of participating jurisdictions through accounts at each of their respective central banks.
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The settlement of the payment instructions and the associated payments are final and irrevocable.
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479:, a Swiss private holding company. It owns 100 percent of CLS UK Intermediate Holdings Ltd in
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These obligations are funded into and from each member’s respective multi-currency account.
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1347:"The Foreign Exchange market in 2020: three benefits of Continuous Linked Settlement (CLS)"
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the "Angell Report" on Netting Schemes (1989), named after US Federal Reserve policymaker
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systems (RTGS) and multilateral payment netting supported by a resilient infrastructure.
272:(and not to be confused with the separate Lamfalussy Report of 2001 which initiated the
265:, described the various kinds of internationally related financial netting arrangements;
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1366:"BoE archives reveal little known lesson from the 1974 failure of Herstatt Bank"
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CLS Group Holdings AG, while a Swiss entity, is regulated and supervised by the
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Settlement System (NBO) in Norway, MEPS+ in Singapore, SAMOS in South Africa,
556:
The boards of both CLS Group and CLS bank have been chaired, successively, by
537:
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Bank for International Settlements, Quarterly report December 2002, page 69.
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33:
1585:"The Continuous Linked Settlement foreign exchange settlement system (CLS)"
1510:
The CLS Bank: a solution to the risks of international payments settlement?
1307:"The $ 4 trillion question: what explains FX growth since the 2007 survey?"
213:" as well as foreign exchange settlement risk, comprising aspects of both
908:
484:
344:
1827:
1690:
544:, namely those of Belgium, France, Germany, Italy, and the Netherlands.
160:
associated with their trades. CLS achieve this thanks to a central net (
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Member 3: Owes USD1500 and EUR1000, collects USD1250 and GBP1000
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Member 2: Owes USD1250 and GBP1000, collects EUR1000 and USD1500
761:
Member 1: Owes USD1500 and GBP1000, collects USD1500 and GBP1000
364:
1546:"IBM To Build CLS's Continuous Linked Forex Settlement Service"
334:
system in each jurisdiction (known in the payments jargon as a
245:
In reaction to these events and following discussion among the
1571:
The Clearing House and Bank Policy Institute Annual Conference
567:
352:
321:
1916:
1730:"Protocol for the Cooperative Oversight Arrangement of CLS"
221:. Similar concerns emerged again following the collapse of
108:
1394:"Settlement risk in foreign exchange markets and CLS Bank"
656:
Payment Delivery Service in Australia, KRONOS in Denmark,
325:
converged on the solution of a clearing bank operating a
781:
Member 3: Pays USD250 and EUR1000, and receives GBP1000
778:
Member 2: Pays GBP1000, and receives EUR1000 and USD250
1458:
Continuous linked settlement: history and implications
1484:"CLS Bank: Managing Foreign Exchange Settlement Risk"
772:
CLS then multi-laterally nets the total obligations:
1832:, Basel Committee on Banking Supervision, April 2004
1942:
Financial services companies based in New York City
1770:"Ken Harvey to succeed Gerard Hartsink as Chairman"
1624:"Daily FX trade more like $ 3 trillion than 5 -CLS"
652:Information and Transfer System (RITS) through the
351:Multinet was dissolved in May 2000. In April 1998,
103:
93:
77:
69:
59:
175:CLS demonstrated its risk-mitigation value in the
1937:Financial services companies of the United States
399:The original seven currencies were joined by the
1850:Payment systems in countries of the Group of Ten
1482:Paul Miller; Carol Ann Northcott (Autumn 2002).
297:Settlement Risk in Foreign Exchange Transactions
1305:Michael R. King; Dagfinn Rime (December 2010),
740:For example, (GBP/USD = 1.50, EUR/USD = 1.25):
452:systemically important financial market utility
1709:"CLS Group Holdings AG - List of Shareholders"
1528:"Multinet Set To Launch Forex Netting Service"
183:in early 2020. The CLS System's sophisticated
168:settlement service directly connected to the
144:group whose main entity is the New York-based
1752:"CLS appoints new chairman and vice-chairman"
8:
1464:, University of Zurich, Faculty of Economics
448:Financial Stability Oversight Council (FSOC)
26:
1872:"CLS Bank & the World of FX Settlement"
1450:
1448:
1446:
1444:
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1438:
1436:
1434:
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668:-Wire in South Korea, ESAS in New Zealand,
255:Committee on Payment and Settlement Systems
1428:
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753:Member 3: Buys 1,000 GBP/USD from Member 1
750:Member 2: Buys 1,000 EUR/USD from Member 3
747:Member 1: Buys 1,000 GBP/USD from Member 2
41:
32:
25:
1507:Charles M. Kahn; William Roberds (2000),
1502:
1500:
611:Learn how and when to remove this message
227:Bank of Credit and Commerce International
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1471:
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204:on 26 June 1974, which highlighted the
386:Lawrence M. Sweet, an official at the
152:, which plays a critical role in the
7:
1848:Bank for International Settlements,
1666:"CLS celebrates 20-year anniversary"
1403:, Bank for International Settlements
729:CLS holds accounts with each of the
295:the "Allsopp Report" of the CPSS on
775:Member 1: Pays 0.0 and receives 0.0
162:bilateral and multilateral clearing
712:Bank for International Settlements
583:tone or style may not reflect the
251:Bank for International Settlements
14:
1829:Bank Failures in Mature Economies
1516:, Federal Reserve Bank of Atlanta
1392:Gabriele Galati (December 2002),
330:and membership in the respective
283:the "Noël Report" of the CPSS on
1750:Frances Maguire (25 June 2003).
1345:Julien Sabet (3 November 2020).
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593:guide to writing better articles
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531:Federal Reserve Bank of New York
388:Federal Reserve Bank of New York
1789:"CLS Gets New Chair, Directors"
1326:Richard Levich (10 July 2009).
231:1991 Soviet coup d'Ă©tat attempt
142:financial market infrastructure
16:Financial infrastructure group
1:
1787:Colin Lambert (1 June 2022).
733:whose currencies it settles.
540:that are also members of the
177:financial crisis of 2007–2008
47:CLS Bank is headquartered at
450:officially designated CLS a
1455:Alexandra Schaller (2007),
1364:Ben Norman (24 June 2015).
692:real-time gross settlements
1958:
720:real-time gross settlement
706:”, after the German bank,
629:real-time gross settlement
332:real-time gross settlement
170:real-time gross settlement
18:
508:Supervision and oversight
99:18 currency jurisdictions
40:
31:
299:(1996), named after for
19:Not to be confused with
1932:Foreign exchange market
758:By currency positions:
644:in the United Kingdom,
587:used on Knowledge (XXG)
415:in September 2003; the
154:foreign exchange market
636:in the United States,
625:payment versus payment
591:See Knowledge (XXG)'s
431:in December 2004; the
327:payment versus payment
233:, and the collapse of
223:Drexel Burnham Lambert
185:payment versus payment
166:payment versus payment
136:ettlement), or simply
1491:Bank of Canada Review
527:Federal Reserve Board
439:in May 2008; and the
1737:U.S. Federal Reserve
1401:BIS Quarterly Review
1314:BIS Quarterly Review
1267:United States dollar
648:in Switzerland, the
518:bank holding company
287:(1993), named after
270:Alexandre Lamfalussy
49:One Financial Square
1739:. 10 December 2015.
1610:Magyar Nemzeti Bank
1592:Swiss National Bank
1567:"Lawrence M. Sweet"
529:, supported by the
305:Christopher Allsopp
249:central banks, the
140:, is a specialized
28:
1372:. Bank of England.
1142:South African rand
1067:New Zealand dollar
992:Israeli new shekel
640:in the euro area,
465:Group organization
443:in November 2015.
429:South African rand
425:New Zealand dollar
274:Lamfalussy process
64:Financial services
1272:
1271:
845:Australian dollar
708:Bankhaus Herstatt
698:This is known as
621:
620:
613:
585:encyclopedic tone
395:Later development
357:Australian dollar
206:counterparty risk
181:COVID-19 pandemic
119:
118:
1949:
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1889:
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1874:. Forex Magnates
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1852:, 1995, page 551
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1807:"CLS Settlement"
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1718:. February 2022.
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1606:"CLS settlement"
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1594:. November 2009.
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1534:. 22 April 1996.
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683:in Sweden, etc.
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609:
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595:for suggestions.
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441:Hungarian forint
421:South Korean won
417:Hong Kong dollar
409:Singapore dollar
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1809:. Cls-group.com
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1776:. 3 March 2014.
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1897:. Retrieved
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1876:. Retrieved
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1674:. Retrieved
1672:. 2022-09-21
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78:Headquarters
51:(center) in
21:CLS Holdings
1917:CLS website
1793:The Full FX
1351:BNP Paribas
1217:Swiss franc
1208:Switzerland
1158:South Korea
1058:New Zealand
744:By trades:
677: [
670:Norges Bank
373:Swiss franc
215:credit risk
95:Area served
1926:Categories
1899:2014-06-14
1878:2014-06-14
1836:2012-06-30
1813:2012-06-30
1676:2022-10-07
1651:2012-10-18
1630:2017-03-13
1287:References
564:Operations
548:Leadership
538:Eurosystem
196:Background
150:CLS System
128:ontinuous
111:.cls-group
84:(holding),
1108:Singapore
933:Hong Kong
836:Australia
821:Currency
601:July 2012
523:US dollar
502:Euroclear
381:US dollar
237:in 1995.
225:in 1989,
122:CLS Group
73:July 1997
27:CLS Group
1550:Risk.net
1532:Risk.net
1275:See also
909:Eurozone
688:finality
485:Edge Act
345:Edge Act
241:Creation
146:CLS Bank
87:New York
60:Industry
1670:E-Forex
958:Hungary
886:Denmark
818:Symbol
638:TARGET2
634:Fedwire
477:Lucerne
292:option;
276:in the
191:History
104:Website
82:Lucerne
70:Founded
1626:. CNBC
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379:, and
336:nostro
132:inked
89:(bank)
1895:. CLS
1733:(PDF)
1712:(PDF)
1588:(PDF)
1514:(PDF)
1487:(PDF)
1462:(PDF)
1397:(PDF)
1332:VoxEU
1310:(PDF)
1292:Notes
1281:SWIFT
1008:Japan
681:]
658:CHATS
654:SWIFT
642:CHAPS
516:as a
124:(for
917:Euro
718:all
500:and
498:DTCC
435:and
427:and
411:and
365:euro
217:and
113:.com
1774:CLS
1716:CLS
1695:CLS
1263:USD
1238:GBP
1213:CHF
1188:SEK
1163:KRW
1138:ZAR
1113:SGD
1088:NOK
1063:NZD
1038:MXN
1013:JPY
988:ILS
963:HUF
938:HKD
913:EUR
891:DKK
866:CAD
841:AUD
674:RIX
666:BOK
662:BOJ
646:SIC
542:G10
353:IBM
322:G20
247:G10
138:CLS
109:www
1928::
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