CLS Bank settles new record volume

17 September 2008

Today, CLS Bank International (CLS Bank) set a new record for the volume of payment instructions settled in one day. CLS Bank settled 1,554,166 payment instructions with a gross value of US$ 8.6 trillion. CLS Bank was able to settle this gross value with a total pay-in requirement of only $50 billion, representing a net funding percentage of 0.58%. This is the first time that the volume of payment instructions settled in one day has exceeded 1.5 million (previous record was 1.148 million, set on 7 July 2008).

Rob Close, Chief Executive Officer of CLS Group and President and CEO of CLS Bank said: “September’s quarterly settlement date combined with the current turbulence and volatility in the FX market has resulted in the previous volume record being exceeded by 35%. In these challenging times it is clear that CLS Bank’s safe, secure, risk-free FX settlement is a real benefit to the market.”

To date in September, CLS Bank is settling an average daily volume of over 700,000 instructions with a gross value of over $4 trillion. There are currently over 3,300 banks, brokers, funds and corporates using the CLS Bank service.

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