CLS Bank is headquartered at One Financial Square (center) in Lower Manhattan
Industry
Financial services
Founded
July 1997
Headquarters
Lucerne (holding), New York (bank)
Area served
18 currency jurisdictions
Website
www.cls-group.com
CLS Group (for Continuous Linked Settlement), or simply CLS, is a specialized financial market infrastructure group whose main entity is the New York-based CLS Bank. It started operations in 2002 and operates a unique and global central multicurrency cash settlement system, known as the CLS System, which plays a critical role in the foreign exchange market (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 settlement risk associated with their trades.[1] CLS achieve this thanks to a central net (bilateral and multilateral clearing) and gross payment versus payment settlement service directly connected to the real-time gross settlement systems of participating jurisdictions through accounts at each of their respective central banks.
CLS demonstrated its risk-mitigation value in the financial crisis of 2007–2008, during which the forex market remained orderly even in times of severe systemic financial stress,[2] and again during market turmoil associated with the COVID-19 pandemic in early 2020.[3] The CLS System's sophisticated payment versus payment concept does not entirely eliminate forex settlement risk, but reduces it considerably among the currencies that it encompasses.[4]
^Michael R. King; Dagfinn Rime (December 2010), "The $4 trillion question: what explains FX growth since the 2007 survey?" (PDF), BIS Quarterly Review
^Richard Levich (10 July 2009). "Why foreign exchange transactions did not freeze up during the global financial crisis: The role of the CLS Bank". VoxEU.
^Julien Sabet (3 November 2020). "The Foreign Exchange market in 2020: three benefits of Continuous Linked Settlement (CLS)". BNP Paribas.
^Ben Norman (24 June 2015). "BoE archives reveal little known lesson from the 1974 failure of Herstatt Bank". Bank Underground. Bank of England.
CLSGroup (for Continuous Linked Settlement), or simply CLS, is a specialized financial market infrastructure group whose main entity is the New York-based...
CLS may refer to: Critical legal studies, school of legal philosophy Constrained least square statistical estimator CLs method to set bounds on particle...
www.cls-group.com. Archived from the original on 2012-12-03. Retrieved 2017-07-13. "www.cls-group.com/About/Pages/default.aspx". www.cls-group.com. Archived...
February 20, 2020. Retrieved 30 July 2023. "Davis makes first 147 to win CLSgroup three". World Snooker Tour. 11 January 2017. Archived from the original...
UK BNP Paribas London branch Citibank London branch ClearBank Limited CLSGroup International (an Edge Act Bank based in New York) Clydesdale Bank Danske...
messaging service SWIFT, foreign-exchange settlement service provider CLSGroup, and international central securities depositories Euroclear and Clearstream...
November 2016. Retrieved 28 November 2016. "Davis makes first 147 to win CLSgroup three". worldsnooker.com. 11 January 2017. Archived from the original...
(SWIFT) CLSGroup "Brief Introduction of China Foreign Exchange Trade System". Shanghai Municipal People's Government. 18 July 2023. "CME Group and CFETS...
CLS Holdings plc is a British commercial property investment business based in London, England. It is listed on the London Stock Exchange, and specializes...
such as the CLSGroup. Understanding Derivatives: Markets and Infrastructure Federal Reserve Bank of Chicago, Financial Markets Group European Securities...
Critical legal studies (CLS) is a school of critical theory that developed in the United States during the 1970s. CLS adherents claim that laws are devised...
of Bayer Pharmaceuticals Marc Bayle de Jessé, Pace University, CEO of CLSGroup and former chairman of the Market Infrastructure Board at the European...
CLS Communication, now named Lionbridge Switzerland AG, is a language translation, editing and writing services company based in Switzerland. It has 19...
break in the indicated group. Green: Won the group. Bold: Highest break in the group. All prize money in GBP. "Gutsy Stevens Takes CLS Title". World Professional...
break in the indicated group. Green: Won the group. Bold: Highest break in the group. All prize money in GBP. "Gutsy Stevens Takes CLS Title". World Professional...
CEO of the real estate groupCLS Holdings from 2010 to 2014, after which he became CEO of the property asset management group Quidnet Capital LLP. He...
The Critical Language Scholarship (CLS) Program is a United States Department of State cultural and educational exchange program which offers approximately...
Global Information
