Search: CLS Bank
RBA Glossary definition for CLS Bank
CLS Bank – CLS Bank is a multi-currency bank, regulated by the Federal Reserve Bank of New York, which uses central bank funds to simultaneously settle cross-currency transactions in real time through a process known as Continuous Linked Settlement (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.
Search Results
Oversight of High-value Payment Systems
12 Sep 2014
PSB Annual Report
– 2014
To date, the Reserve Bank Information and Transfer System (RITS) and CLS Bank International (CLS) are the only payment systems identified by the Bank as warranting oversight as systemically important systems. ... CLS is regulated, supervised and overseen
https://www.rba.gov.au/publications/annual-reports/psb/2014/oversight-high-value.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. ... In March 2009, CLS Bank began settling one-sided Australian dollar payments, including non-deliverable forwards and credit derivatives.
https://www.rba.gov.au/publications/annual-reports/psb/2009/reg-response.html
High Value Payments
9 Mar 2023
The Bank has also identified CLS Bank International (CLS) as a systemically important international payment system. ... The Federal Reserve has established a cooperative oversight arrangement for CLS, in which the Bank participates.
https://www.rba.gov.au/payments-and-infrastructure/financial-market-infrastructure/high-value-payments/
Implications for Non-CLS Banks | Continuous Linked Settlement: RITS Session Times and Operational Arrangements – July 2015
9 Mar 2023
Implications for Non-CLS Banks. It is not mandatory for banks to operate in the Evening Settlement Session. ... Non-Evening Agreed banks are able to enter new inter-bank RITS and Austraclear transactions in the Evening Settlement Session.
https://www.rba.gov.au/payments-and-infrastructure/rits/information-papers/cls-rits-session-times-and-operational-arrangements/implications-for-non-cls-banks.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
Safety and Stability
21 Mar 2002
PSB Annual Report
– 2001
To minimise its exposure to member banks, CLS Bank will settle transactions if, and only if, each member retains an overall positive balance across its currency accounts after each settlement. ... Payment Systems and Netting Act 1998. For currencies that
https://www.rba.gov.au/publications/annual-reports/psb/2001/safety-stability.html
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. ... The Bank participates in a cooperative oversight arrangement for CLS,
https://www.rba.gov.au/publications/annual-reports/psb/2021/financial-market-infrastructures.html
Other Regulatory Responsibilities
25 Oct 2010
PSB Annual Report
– 2010
Payments System Board Annual Report – 2010 Other Regulatory Responsibilities. CLS Bank was developed to provide a mechanism for settling foreign exchange transactions on a payment-versus-payment basis, thereby eliminating foreign ... As CLS settles
https://www.rba.gov.au/publications/annual-reports/psb/2010/reg-response.html
Introduction | Continuous Linked Settlement: RITS Session Times and Operational Arrangements – July 2015
9 Mar 2023
Transactions are settled across the books of CLS Bank International (CLS Bank), a special purpose bank established to facilitate the CLS process. ... Payments between CLS Bank and CLS ‘settlement members’ for each participating currency are made in
https://www.rba.gov.au/payments-and-infrastructure/rits/information-papers/cls-rits-session-times-and-operational-arrangements/introduction.html
About RITS
20 Mar 2023
A general overview and information papers concerning RITS and its structure
https://www.rba.gov.au/payments-and-infrastructure/rits/about.html