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London Office Head Office

Exchange Square
London

New York Office Head Office

32 Old Slip
New York
NY

Tokyo Office

Mitsui Ni-Goukan
Tokyo

Telephone

0207 971 2218

Contact

Nicola Clayton
[email protected]

Tagline

Markets don't stand still. We don't either.

Mission Statement

Markets don’t stand still.
The FX market continues to evolve through structural change, regulatory reform, and new technology. To succeed, our clients must navigate these changes efficiently. They need a partner they can trust.
No one has contributed more to the growth of this market than CLS. We’re proud to be the world’s leading provider of FX settlement services. Launching in 2002, we transformed FX with our innovative approach to multilateral netting and settlement. Our specialists have worked to reduce systemic risk ever since, while creating operational efficiencies and significant cost savings for our clients. We’ve earned the trust of our members – over 70 of the world’s most important financial institutions. With more than 25,000 third-party participants also using our services, we settle USD5.5 trillion of payment instructions on an average day.
Today we’re leveraging our experience and substantial market intelligence to address the market’s wider settlement, processing and data needs. Our products make the trading process faster, easier, safer and more cost-effective – empowering our clients’ success.
CLS’s unique position at the center of the FX market enables us to collaborate widely across the industry, leading the development of standardized solutions that enhance operations for all our clients. Our connectivity runs deeper than the unrivaled infrastructure that first built our reputation. We work closely with central banks and regulators, and partner with leading commercial banks, global corporations and financial institutions. Industry leaders trust and rely on our strategic advice.
CLS experts develop relevant solutions to real problems. Our network gives us unparalleled insight into common market challenges, and our specialist teams catalyze that insight into foresight. We combine this with technical precision and imagination, and a deeply held commitment to deliver client impact. The result? Rigorous, forward-looking solutions that reduce risk and create efficiencies. CLS products empower our clients to stay at the forefront of a changing market.
Markets don’t stand still. We don’t either. CLS – trusted market solutions

Profile

CLS empowers clients to succeed in a changing FX marketplace. Our innovative settlement, processing and data solutions reduce risk and deliver efficiency.

Benefits

CLS experts develop relevant solutions to real problems. Our network gives us unparalleled insight into common market challenges, and our specialist teams catalyze that insight into foresight. We combine this with technical precision and imagination, and a deeply held commitment to deliver client impact. The result? Rigorous, forward-looking solutions that reduce risk and create efficiencies. CLS products empower our clients to stay at the forefront of a changing market.

History

CLS is a systemically important financial market infrastructure critical to the orderly functioning of the global FX market. Through unprecedented co-operation within the global FX community, CLS was established in 2002 as a payment-versus-payment (PvP) system to reduce the principal risk arising from settling FX transactions.

We began settling FX payment instructions in 2002 in seven currencies for 39 settlement members. Today we settle payment instructions in 18 currencies for 72 settlement members and over 25,000 third-party customers.

The financial crisis proved a defining moment for CLS. Following the collapse of Lehman Brothers in September 2008, market sentiment deteriorated rapidly, and money and capital markets were brought to a virtual standstill. The FX market continued to function, without disruption, throughout the market turmoil that followed. Many have attributed this stability to the role played by CLS in mitigating settlement risk.

In November 2009, the Foreign Exchange Committee, an industry working group sponsored by the Federal Reserve Bank of New York, observed that “CLS served its stated function of reducing systemic risk and ensuring that despite the large notional size of FX transactions around the world, financial institutions had the confidence to make payments into the system because they were protected against the loss of principal.”
CLS is one of only eight infrastructures to be designated as a systemically important financial market utility (FMU) by the US Financial Stability Oversight Council. This highlights our critical role in maintaining the stability of the FX market and the wider financial industry as a whole.

Focus

Settlement, Processing and Data solutions for financial services

Goals

CLS empowers clients to succeed in a changing FX marketplace. Our innovative settlement, processing and data solutions reduce risk and deliver efficiency.

People

Marc Bayle de Jessé
Duncan Barnard
Michele Fleming
John Hagon
Kathryn Herrington
Deborah Hrvatin
Dino Kos
Alan Marquard
Naresh Nagia
Trevor Suarez
Gaynor Wood