SWIFT’s CLS Third Party Service

Providing a global FX settlement solution for non-CLS members

 CLS (Continuous Linked Settlement) provides the FX world with a global settlement system that completely eliminates settlement risk for all trades that are settled on it. By doing so, it also strongly reduces the systemic risk that FX markets are exposed to. To also allow non-members to settle their FX transactions on CLS, a Third Party service allows CLS members to act as CLS Providers, by submitting trades in the name of their customers (third parties).

To facilitate this, SWIFT’s CLS Third Party Service provides a global comprehensive and cost-effective solution to support the communication flows between CLS Third parties, their counterparties, and their CLS providers.

This service is used by about 20 CLS Providers, and well over 300 Third Parties. For further details, please contact your nearest SWIFT office or visit the SWIFT's CLS Third Party Service webpage on the SWIFT website.

 Benefits

• A comprehensive solution
• Reduced settlement risk
• Industry messaging standards
• Based on an existing, proven infrastructure
• Low cost, low risk
• Straightforward implementation
• Widely used today