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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.

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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

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

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

Performance of Australia's Payments Infrastructure during the Market Turbulence

2 Oct 2009 PSB Annual Report – 2009
CLS Bank provides a settlement facility used by global financial market participants, including those in Australia, to effect payment-versus-payment (PvP) settlement in the foreign exchange market. ... While Lehman used CLS to settle its foreign exchange
https://www.rba.gov.au/publications/annual-reports/psb/2009/performance.html

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

Oversight of High-value Payment Systems

8 Sep 2011 PSB Annual Report – 2011
CLS Bank provides a mechanism for settling foreign exchange transactions on a payment-versus-payment basis, thereby eliminating foreign exchange settlement risk. ... As CLS settles transactions involving the Australian dollar, the Reserve Bank is
https://www.rba.gov.au/publications/annual-reports/psb/2011/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

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

11 Sep 2008 PSB Annual Report – 2008
any such bespoke agreements be reported to the Bank. CLS Bank was developed to provide a mechanism for settling foreign exchange transactions on a payment‑versus‑payment basis, thereby eliminating foreign ... The Bank, along with some other central
https://www.rba.gov.au/publications/annual-reports/psb/2008/reg-response.html

Oversight of High-value Payments Systems

10 Sep 2012 PSB Annual Report – 2012
CLS Bank (CLS) is primarily a settlement system for foreign exchange transactions that involve an exchange of currencies. ... The Federal Reserve also coordinates the CLS Oversight Committee, which provides for cooperative oversight by the central banks
https://www.rba.gov.au/publications/annual-reports/psb/2012/oversight-high-value.html