Happy birthday, CLS
Central settlement utility CLS last week celebrated its 10th birthday, having launched on September 9, 2002 to mitigate settlement risk for the foreign exchange transactions of its settlement members and their customers.
CLS now processes instructions for 17 currencies, having launched with seven, and has increased its membership from 39 firms to 63, while also expanding its community to include more than 16,000 third-party participants. CLS today settles almost 1 million payment instructions
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