CLS
Group Company Information
About
The CLS Group Company
With
the average daily turnover in global FX transactions at almost US$2
trillion, the FX market has long needed an effective cross-currency
settlement process.
And
while transaction volumes have increased, the way in which they’re
settled has stayed virtually the same for 300 years.
Before
CLS, each side of a trade was paid separately. Taking time-zone
differences into account, this heightened the risk of one party
defaulting.
CLS
is a response to regulatory concern about systematic risk. It eliminates
that ‘temporal’ settlement risk, making same-day settlement
both possible and final.
And
as CLS evolves, their customers are developing multiple commercial
benefits. These include opportunities to deal with trading counter-parties,
reduce costly reconciliation, and exploit the real-time information
on currency cycling and settlement that only CLS can provide.
Within the Group are:
CLS
Group Holdings AG (CLS Group Holdings)
CLS
Group Holdings is the group holding company of CLS UK Intermediate
Holdings Ltd, CLS Bank International (CLS Bank) and CLS Services
Ltd. CLS Group Holdings is a company incorporated under the laws
of Switzerland and is regulated by the Federal Reserve as a bank
holding company in the United States.
CLS
UK Intermediate Holdings Ltd (CLS UK Intermediate Holdings)
CLS
UK Intermediate Holdings is the intermediate holding company of
the CLS Group and is a limited company incorporated under the laws
of England and Wales. CLS UK Intermediate Holdings is a 'shell'
company from a governance perspective and its principal role is
to provide certain corporate services to CLS Bank and its affiliated
companies (ie Finance, Human Resources, Audit and Communications).
CLS
Bank International
CLS
Bank is a unique, independent financial institution that provides
payment versus payment settlement for payment instructions arising
from FX transactions in eligible currencies. It is a wholly owned
subsidiary of CLS UK Intermediate Holdings. CLS Bank is an Edge
corporation organised under the laws of the United States and regulated
by the Federal Reserve Bank of New York.
CLS
Services Ltd
CLS
Services is a limited company incorporated under laws of England
and Wales. The principal role of CLS Services is to provide effective
operational and back-office support to CLS Bank and its affiliated
companies.
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