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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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Bulletin March Quarter 2017

10 Feb 2020 Bulletin March Quarter 2017 PDF 6757KB
https://www.rba.gov.au/publications/bulletin/2017/mar/pdf/bu-0317-reserve-bank-bulletin.pdf

Bulletin December Quarter 2017

10 Feb 2020 Bulletin PDF 6688KB
This decision preceded the go-live of Continuous Linked Settlement (CLS), a foreign exchange settlement system.
https://www.rba.gov.au/publications/bulletin/2017/dec/pdf/bu-1217-reserve-bank-bulletin.pdf