CLS Is Live. What Next?

CLS participants breathed a huge sigh of relief when the long-awaited system launched successfully. Is anyone ready to start expanding the system to new products?

For Continuous Linked Settlement (CLS), the industry-backed foreign exchange settlement system with a history of delays and glitches, its launch in September was decidedly a non-event. To the relief of most participants, the system not only worked, but it has continued to work, allowing its 39 settlement members to settle some 10,000 instructions per day with a gross value of over US$100 billion.

"It’s been surprisingly good," says Wayne Ferguson, vice president of global cash management at

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Stemming the tide of rising FX settlement risk

As the trading of emerging markets currencies gathers pace and broader uncertainty sweeps across financial markets, CLS is exploring alternative services designed to mitigate settlement risk for the FX market

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