These new records come after the month of August, when CLS Bank settled a record average daily volume of nearly 480,000 instructions a day during the month. To date in September CLS Bank is settling an average daily volume of 430,000 instructions with a gross value of $4 trillion. There are currently 1,903 banks, brokers, fund accounts and corporates using the CLS Bank service. September marks the fifth anniversary of the launch of CLS Bank, during which time it has settled over 220 million payment instructions with a value of over $2.4 quadrillion.
Rob Close, Chief Executive Officer of CLS Group and President and CEO of CLS Bank said: âThis is the third time in the last month that we have broken the volume record. 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 Bankâs role in eliminating FX settlement risk, and that more needs to be done to encourage the remainder of the market to address this issue.â