As increasing market volatility persists, CLS Bankâs role in eliminating FX settlement risk has become all the more important, setting four volume records since August. To date in November, CLS Bank is settling an average volume of 492,000 instructions per day with a gross value of US$3.8 trillion. Participation in CLS also continues to grow, with the milestone of 2,000 third party clients being passed earlier this month, bringing the total number of banks, brokers, fund accounts and corporates using the CLS Bank service to 2,038.
Rob Close, Chief Executive Officer of CLS Group and President and CEO of CLS Bank said: âTo have settled over 1,000,000 payment instructions in one day is testament to the progress CLS Bank has made since its creation five years ago and an indication of how fast the FX landscape has developed. As this year continues to be characterised by surges in volume, brought on by market volatility and interest rate adjustments, CLS Bank continues to evolve in order to service the demands of its clients in a changing market environment.â