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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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4. Financial Market Infrastructures

21 Oct 2021 PSB Annual Report – 2021
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. ... systems). Australia. (RBA). CLS. Foreign exchange transactions

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.

Payments System

19 Jul 2023
Overview of the Australian Payments System

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).

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.

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.

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.

Payments System Board Update: August 2023 Meeting

17 Aug 2023 Media Releases
Today's Payments System Board meeting discussed the annual Assessment of the ASX clearing and settlement facilities against the Financial Stability Standards, the oversight of international financial market infrastructures, prominent payment systems,

Real-time Gross Settlement in Australia

10 Sep 2010 Bulletin – September 2010
Peter Gallagher, Jon Gauntlett and David Sunner
One set of funding payments which must, however, take place late in the RTGS day is for foreign exchange related transactions that use Continuous Linked Settlement (CLS), which has its operational ... However, the afternoon peak has fallen over time, due

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.