More on CLS from The weeklyFiX
Just a week after it celebrated its fifth anniversary on September 9, settlement system CLS Bank announced that it had processed a new record volume and value of deals. On September 19, CLS settled 905,478 payment instructions, smashing the previous record of 877,312, with a gross value of $8.4 trillion. The previous record was $7.28 trillion. This was the first time that the volume and value of payment instructions settled in one day has exceeded the milestones of 900,000 and $8 trillion respectively.
The new figures follow on from an exceptionally busy month in August, suggesting that there has not yet been any slowdown in the phenomenal growth reported in the Bank for International Settlement’s Triennial Central Bank Survey.
"This is the third time in the last month that we have broken the volume record," says Rob Close, CLS’s chief executive. "September sees the fifth anniversary of the launch of CLS Bank, and we have made great progress since then, now settling over half of all FX transactions globally. Nevertheless the events affecting the markets over the last few weeks have demonstrated more than ever the importance of CLS Bank’s role in eliminating FX settlement risk, and that more needs to be done to encourage the remainder of the market to address this issue."