Search: CLS
RBA Glossary definition for CLS
CLS – Continuous Linked Settlement. A process enabling simultaneous foreign exchange settlement across the globe, eliminating the settlement risk caused by delays arising from time-zone differences.
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Safety and Stability
21 Mar 2002
PSB Annual Report
– 2001
system, only their net short position or will receive from CLS Bank their net long position. ... These were the standards in place when the development of CLS Bank got under way.
https://www.rba.gov.au/publications/annual-reports/psb/2001/safety-stability.html
Other Regulatory Responsibilities
2 Oct 2009
PSB Annual Report
– 2009
CLS Bank is chartered in the United States and regulated and supervised by the Federal Reserve System. ... The Oversight Protocol for CLS is published on the US Federal Reserve's website.
https://www.rba.gov.au/publications/annual-reports/psb/2009/reg-response.html
Other Regulatory Responsibilities
25 Oct 2010
PSB Annual Report
– 2010
The Australian dollar was one of seven initial currencies settled when CLS commenced operation in 2002. ... CLS noted that this highlighted the impact of algorithmic trading in the market.
https://www.rba.gov.au/publications/annual-reports/psb/2010/reg-response.html
Oversight of High-value Payment Systems
8 Sep 2011
PSB Annual Report
– 2011
There are 17 currencies eligible for settlement in CLS, including the Australian dollar. ... As CLS settles transactions involving the Australian dollar, the Reserve Bank is represented on this committee.
https://www.rba.gov.au/publications/annual-reports/psb/2011/oversight-high-value.html
Oversight of High-value Payment Systems
12 Sep 2014
PSB Annual Report
– 2014
Consequently, the Bank has identified CLS as a systemically important international payment system. ... CLS is currently finalising a self-assessment of its practices against the Principles.
https://www.rba.gov.au/publications/annual-reports/psb/2014/oversight-high-value.html
Other Regulatory Responsibilities
11 Sep 2008
PSB Annual Report
– 2008
CLS eliminates this risk by settling both legs of a foreign exchange transaction simultaneously. ... per cent of the value of RTGS transactions, the Bank would review CLS's ES account arrangements.
https://www.rba.gov.au/publications/annual-reports/psb/2008/reg-response.html
Performance of Australia's Payments Infrastructure during the Market Turbulence
2 Oct 2009
PSB Annual Report
– 2009
While Lehman used CLS to settle its foreign exchange transactions, it did so by engaging another bank to settle on its behalf. ... CLS also provides one-sided settlement services in respect of non-deliverable forwards and credit default swaps (CDS).
https://www.rba.gov.au/publications/annual-reports/psb/2009/performance.html
Oversight of High-value Payments Systems
10 Sep 2012
PSB Annual Report
– 2012
Currently, 17 currencies are eligible for settlement in CLS, including the Australian dollar. ... Members meet any Australian dollar settlement obligation by paying into CLS's ESA in RITS.
https://www.rba.gov.au/publications/annual-reports/psb/2012/oversight-high-value.html
Oversight of High-value Payment Systems
2 Oct 2013
PSB Annual Report
– 2013
Members meet any Australian dollar settlement obligation by making payments into a CLS's ESA via RITS. ... RITS, CLS, the Low Value Settlement Service (LVSS) and Austraclear) and those systems' participants.
https://www.rba.gov.au/publications/annual-reports/psb/2013/oversight-high-value.html
Financial Market Infrastructures
28 Sep 2022
PSB Annual Report
– September 2022
CLS Bank International (CLS) – CLS operates a payment-versus-payment settlement system for foreign exchange transactions in a range of currencies, including the Australian dollar. ... The Bank participates in a cooperative oversight arrangement for CLS,
https://www.rba.gov.au/publications/annual-reports/psb/2022/financial-market-infrastructures.html