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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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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

Payments System Regulation and Policy Issues

27 Sep 2023 PSB Annual Report – September 2023
Payments System Regulation and Policy Issues | Payments System Board Annual Report – September 2023
https://www.rba.gov.au/publications/annual-reports/psb/2023/payments-system-regulation-and-policy-issues.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

Oversight of High-value Payment Systems

2 Oct 2013 PSB Annual Report – 2013
The Federal Reserve also coordinates the CLS Oversight Committee, which provides for cooperative oversight by the central banks of issue in the currencies that settle in CLS. ... In 2012, the OG set up the SWIFT Oversight Forum (SOF) to include
https://www.rba.gov.au/publications/annual-reports/psb/2013/oversight-high-value.html

Ongoing Regulatory Responsibilities

13 Sep 2007 PSB Annual Report – 2007
During 2006/07, the international community of central banks considered proposals by CLS Bank to expand its business beyond PvP foreign exchange settlements. ... Warehouse. This proposal has been subject to close scrutiny by central banks since it
https://www.rba.gov.au/publications/annual-reports/psb/2007/reg-response.html

Oversight of High-value Payment Systems

24 Oct 2016 PSB Annual Report – 2016
To date, two payment systems have been identified by the Bank as systemically important: the Reserve Bank Information and Transfer System (RITS) and CLS Bank International (CLS). ... The Bank also uses this forum to oversee how well CLS meets relevant
https://www.rba.gov.au/publications/annual-reports/psb/2016/oversight-of-high-value-payment-systems.html

Safety and Stability

11 Nov 2004 PSB Annual Report – 2004
These include the introduction of real-time gross settlement (RTGS) in 1998, the launching of the Continuous Linked Settlement (CLS) Bank for settlement of foreign exchange transactions in 2002, and the ... The Continuous Linked Settlement Bank (CLS) has
https://www.rba.gov.au/publications/annual-reports/psb/2004/safety-stability.html

Oversight of High-value Payment Systems

9 Oct 2015 PSB Annual Report – 2015
To date, two payment systems have been identified by the Bank as systemically important: the Reserve Bank Information and Transfer System (RITS) and CLS Bank International (CLS). ... CLS is regulated, supervised and overseen by the US Federal Reserve, in
https://www.rba.gov.au/publications/annual-reports/psb/2015/oversight-of-high-value-payment-systems.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