Ultimate System for Global
Currency Exchange
CLS is an industry initiative to reduce the risks associated with cross-currency
transactions have been principally caused by delays due to time-zone differences and
provides safe, fast and efficient system to the institutions that deal with international
currency exchange.
In order to implement this new and unique process, over 70 of the world's leading
financial institutions including central banks established CLS Bank International
which will provide the services to the members and third parties.
When fully operational the system will settle an estimated average value of Foreign
Exchange trades over $3 trillion a day eliminating the settlement risks
by "real-time gross settlements"
CLS operates over the existing SWIFT network.
|
|
