22 August 2017
visit www.avoka.com

CLS adds four new currencies and member banks

06 December 2004  |  7679 views  |  0 CLS group logo

CLS Bank will today begin settling payment instruction in four new currencies - the Hong Kong dollar, the Korean won, the New Zealand dollar and the South African rand.

The new currencies join the existing eleven, the Australian dollar, Canadian dollar, Danish krone, euro, Japanese yen, Norwegian krone, Singapore dollar, Swedish krona, Swiss franc, UK sterling, and US dollar as CLS Bank eligible currencies.

CLS Bank was set up to eliminate the temporal risk of default in interbank FX settlement and is now settling on average over 150,000 payment instructions a day with a gross value in excess of US$1.6 trillion.

Over 250 institutions use the network, of which 58 are CLS bank members, including four new members from Korea and South Africa: Korea Exchange Bank, Kookmin Bank, Absa and Standard Bank of South Africa.

An additional 191 banks, non-bank financial institutions and corporates and over 35 funds use the service as third party customer participants.

The addition of the new currencies is a response to surging volumes in Asia Pacific currency trading. CLS is lining up the Mexican peso as the next currency for the risk reduction treatment, sometime in 2006.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

CLS Bank partners SSISearch for settlements directory

CLS Bank partners SSISearch for settlements directory

03 October 2003  |  5201 views  |  0 comments
CLS Bank adds four new currencies

CLS Bank adds four new currencies

08 September 2003  |  3813 views  |  0 comments
Korean Won extends currency reach of CLS Bank

Korean Won extends currency reach of CLS Bank

04 August 2003  |  3192 views  |  0 comments
CME appoints Citi to handle FX futures settlement via CLS

CME appoints Citi to handle FX futures settlement via CLS

07 July 2003  |  7371 views  |  0 comments
Klein replaces Labarge as chairman of the board, CLS Group

Klein replaces Labarge as chairman of the board, CLS Group

30 June 2003  |  3342 views  |  0 comments
CLS volumes expected to rise by 150% in next two years

CLS volumes expected to rise by 150% in next two years

07 April 2003  |  3899 views  |  0 comments
CLS glitch hits Asia Pacific trades

CLS glitch hits Asia Pacific trades

27 March 2003  |  4028 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.abe-eba.euvisit www.worldpaymentsreport.comdownload the paper now

Who is commenting?

A Finextra member Finextra Member Commented on: Real-time payments in...
A Finextra member Finextra Member Commented on: Barclays uses sensors...

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
11892 views comments | 26 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
10305 views comments | 22 tweets | 31 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
9912 views 0 | 5 tweets | 1 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
9622 views comments | 10 tweets | 8 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
9598 views comments | 19 tweets | 23 linkedin

Featured job

Competitive base and bonus, plus benefits
London, UK

Find your next job