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CLS Bank breaks $3 trillion daily settlement milestone

15 December 2004  |  1460 views  |  0 Source: CLS Bank

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

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 US$ 1.9 trillion.

Joseph De Feo, Chief Executive Officer of CLS Group and President and CEO of CLS Bank, said: "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, this is further evidence that we are moving towards our goal of settling a significant majority of global FX transactions."

CLS eliminates settlement risk through the world's first simultaneous and irrevocable global multi-currency settlement system. Two hundred and ninety-six 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 CLS Bank service as Member customers ("third parties").

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