Information about Continuous Linked Settlement
Continuous Linked Settlement (CLS Group Holdings AG and subsidiary companies) was created in September 2002 by a number of the world's largest banks, for the purpose of settling foreign exchange flows amongst themselves (and their customers and other third-parties). Technically it is a bank regulated by the Federal Reserve Board of New York and, as of September 2007, there are 57 member (shareholder) banks, and 1846 third-party institutions that participate in the system.
Since it began operations, CLS has rapidly become the market-standard for foreign exchange settlement between major banks, and as of September 2007 it settles about 325,000 instructions a day in 15 currencies (which represent some 98% of global foreign exchange trading) and with an average daily value exceeding US$3.3 trillion.
On 19 September 2007 a record 905,478 payment instructions were settled with a gross value of US$ 8.4 trillion. This new record exceeded the previous record of 877,312 only just set on 04 September.
A key feature of CLS is the settlement of gross-value instructions with multi-lateral net funding. On average, CLS netting efficiency is in the region of 98%; that is to say, each trillion dollars of gross value settled might require aggregate pay-ins of "only" $20 billion.
CLS settles transactions on a "Payment versus Payment" basis, also known as PVP. When a foreign exchange trade is settled, each of the two parties to the trade pays out (sells) one currency and receives (buys) a different currency; PVP ensures that these payments and receipts happen simultaneously. Without PVP there is a (small - but with potentially devastating financial consequences) chance that one or more parties could pay away funds to another institution but not receive any reciprocal funds due (generally for reasons of credit-related default) - this is known as settlement risk, or Herstatt risk.
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Since it began operations, CLS has rapidly become the market-standard for foreign exchange settlement between major banks, and as of September 2007 it settles about 325,000 instructions a day in 15 currencies (which represent some 98% of global foreign exchange trading) and with an average daily value exceeding US$3.3 trillion.
On 19 September 2007 a record 905,478 payment instructions were settled with a gross value of US$ 8.4 trillion. This new record exceeded the previous record of 877,312 only just set on 04 September.
A key feature of CLS is the settlement of gross-value instructions with multi-lateral net funding. On average, CLS netting efficiency is in the region of 98%; that is to say, each trillion dollars of gross value settled might require aggregate pay-ins of "only" $20 billion.
CLS settles transactions on a "Payment versus Payment" basis, also known as PVP. When a foreign exchange trade is settled, each of the two parties to the trade pays out (sells) one currency and receives (buys) a different currency; PVP ensures that these payments and receipts happen simultaneously. Without PVP there is a (small - but with potentially devastating financial consequences) chance that one or more parties could pay away funds to another institution but not receive any reciprocal funds due (generally for reasons of credit-related default) - this is known as settlement risk, or Herstatt risk.
Currencies
CLS currently trades the following currencies:| Country/Entity | Symbol | Currency |
|---|---|---|
){kind=small} Australia | AUD | Australian dollar |
){kind=small} Canada | CAD | Canadian dollar |
| Denmark | DKK | Danish krone |
){kind=small} European Union | EUR | Euro |
){kind=small} European Union | GBP | Pound sterling |
){kind=small} Hong Kong | HKD | Hong Kong dollar |
){kind=small} Japan | JPY | Japanese yen |
| South Korea | KRW | South Korean won |
| New Zealand | NZD | New Zealand dollar |
){kind=small} Norway | NOK | Norwegian krone |
){kind=small} Singapore | SGD | Singapore dollar |
){kind=small} South Africa | ZAR | South African rand |
){kind=small} Sweden | SEK | Swedish krona |
| Switzerland | CHF | Swiss franc |
){kind=small} United States | USD | United States dollar |
See also
External links
September - October - November - December
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Events
See also:- Timeline of the War in Afghanistan (September 2002)
September 1, 2002
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bank is a commercial or state institution that provides financial services , including issuing money in various forms, receiving deposits of money, lending money and processing transactions and the creating of credit.
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Settlement (of securities) is the process whereby securities or interests in securities are delivered, usually against payment, to fulfill contractual obligations, such as those arising under securities trades.
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The foreign exchange (currency or forex or FX) market exists wherever one currency is traded for another. It is by far the largest financial market in the world, and includes trading between large banks, central banks, currency speculators,
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The Federal Reserve Bank of New York is the most important of the twelve Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY with a secondary office in Buffalo, New York.
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September 19 is the 1st day of the year (2nd in leap years) in the Gregorian calendar. There are 0 days remaining.
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Events
- 335 - Dalmatius is raised to the rank of Caesar by his uncle Constantine I.
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20th century - 21st century - 22nd century
1970s 1980s 1990s - 2000s - 2010s 2020s 2030s
2004 2005 2006 - 2007 - 2008 2009 2010
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2004 2005 2006 - 2007 - 2008 2009 2010
2007 by topic:
News by month
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Settlement risk is the risk that a counterparty does not deliver a security or its value in cash as per agreement when the security was traded after the other counterparty or counterparties have already delivered security or cash value as per the trade agreement.
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Anthem
Advance Australia Fair [1]
Capital Canberra
Largest city Sydney
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Advance Australia Fair [1]
Capital Canberra
Largest city Sydney
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Australian dollar
$100 $2
ISO 4217 Code AUD
User(s) Australia, Kiribati, Nauru, Tuvalu, Christmas Island, Cocos (Keeling) Islands, and Norfolk Island
Inflation 2.
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$100 $2
ISO 4217 Code AUD
User(s) Australia, Kiribati, Nauru, Tuvalu, Christmas Island, Cocos (Keeling) Islands, and Norfolk Island
Inflation 2.
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Canadian dollar
dollar canadien (French)
Fifty dollar note One dollar coin
ISO 4217 Code CAD
User(s) Canada
Inflation 2%
Source [https://www.cia.
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dollar canadien (French)
Fifty dollar note One dollar coin
ISO 4217 Code CAD
User(s) Canada
Inflation 2%
Source [https://www.cia.
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Motto
none
(Royal motto: Guds hjælp, Folkets kærlighed, Danmarks styrke
"The Help of God, the Love of the People, the Strength of Denmark" )
Anthem
Der er et yndigt land (national)
Kong Christian
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none
(Royal motto: Guds hjælp, Folkets kærlighed, Danmarks styrke
"The Help of God, the Love of the People, the Strength of Denmark" )
Anthem
Der er et yndigt land (national)
Kong Christian
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Danish krone
dansk krone (Danish)
dansk króna (Faroese)
danskinut koruuni
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dansk krone (Danish)
dansk króna (Faroese)
danskinut koruuni
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“EU” redirects here. For other uses, see EU (disambiguation).
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Euro
Ευρώ (Greek)
Евро[1]
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Ευρώ (Greek)
Евро[1]
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Motto
"Dieu et mon droit" [2] (French)
"God and my right"
Anthem
"God Save the Queen" [3]
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"Dieu et mon droit" [2] (French)
"God and my right"
Anthem
"God Save the Queen" [3]
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Pound sterling
New £20 Note All frequently used coins
ISO 4217 Code GBP
User(s) United Kingdom, Crown dependencies
Inflation 1.8% (UK CPI, August 2007), 4.1% (UK RPI), 3.4% (Guernsey 2006) 3.7% (Jersey 2006) 3.
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New £20 Note All frequently used coins
ISO 4217 Code GBP
User(s) United Kingdom, Crown dependencies
Inflation 1.8% (UK CPI, August 2007), 4.1% (UK RPI), 3.4% (Guernsey 2006) 3.7% (Jersey 2006) 3.
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Anthem
March of the Volunteers[1]
Capital None[2]
Largest district (population) Sha Tin District
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March of the Volunteers[1]
Capital None[2]
Largest district (population) Sha Tin District
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Hong Kong dollar
香港圓 (Chinese)
Banknotes Coins
ISO 4217 Code HKD
User(s) Hong Kong
Inflation 2.2%
Source [https://www.cia.
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香港圓 (Chinese)
Banknotes Coins
ISO 4217 Code HKD
User(s) Hong Kong
Inflation 2.2%
Source [https://www.cia.
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Japanese yen
日本円 (Japanese)
¥10000 engraved by Edoardo Chiossone Circulated coins in all 6 denominations
ISO 4217 Code JPY
User(s) Japan
Inflation 0.
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日本円 (Japanese)
¥10000 engraved by Edoardo Chiossone Circulated coins in all 6 denominations
ISO 4217 Code JPY
User(s) Japan
Inflation 0.
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Motto
홍익인간(弘益人間) 널리 인간을 이롭게 하?
Anthem
Aegukga (애국가; 愛國歌)
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홍익인간(弘益人間) 널리 인간을 이롭게 하?
Anthem
Aegukga (애국가; 愛國歌)
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South Korean won
대한민국 원 (Hangul)
大韓民國 원1 (Hanja)
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대한민국 원 (Hangul)
大韓民國 원1 (Hanja)
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Anthem
"God Defend New Zealand"
"God Save the Queen" 1
Capital Wellington
Largest city Auckland
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"God Defend New Zealand"
"God Save the Queen" 1
Capital Wellington
Largest city Auckland
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New Zealand dollar
$100 $2
ISO 4217 Code NZD
User(s) New Zealand, Cook Islands, Niue, Pitcairn Islands, Tokelau
Inflation 2.
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$100 $2
ISO 4217 Code NZD
User(s) New Zealand, Cook Islands, Niue, Pitcairn Islands, Tokelau
Inflation 2.
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Motto
Anthem
Ja, vi elsker
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Royal: Alt for Norge ("Everything for Norway")
1814 Eidsvoll oath: Enige og tro til Dovre faller
("United and faithful until the mountains of Dovre crumble")
1814 Eidsvoll oath: Enige og tro til Dovre faller
("United and faithful until the mountains of Dovre crumble")
Anthem
Ja, vi elsker
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Norwegian krone
norsk krone (Norwegian)
1000 kroner 20 kroner
ISO 4217 Code NOK
User(s) Norway
Inflation 2.3%
Source [https://www.cia.
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norsk krone (Norwegian)
1000 kroner 20 kroner
ISO 4217 Code NOK
User(s) Norway
Inflation 2.3%
Source [https://www.cia.
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Singapore dollar
新加坡元 (Chinese)
Dolar Singapura
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新加坡元 (Chinese)
Dolar Singapura
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