SWIFT and CLS
CLS is a unique market infra-structure of critical importance to the FX industry. SWIFT provides the secure resilient network connectivity channel to reach CLS.
CLS Bank is the world’s leading provider of FX settlement services.
Established in the early 2000s as a payment-versus-payment (PvP) system to reduce the principal risk arising from settling FX transactions, CLS transformed FX with their innovative approach to multilateral netting and settlement.
Today CLS leverages their substantial market intelligence to address the market’s wider settlement, processing and data needs. Their products make the trading process faster, easier, safer and more cost-effective.
The CLS Settlement service settles an average of $5 trillion per day in 18 currencies for 70 settlement members and over 24,000 third-party customers.
SWIFT offers a CLS-TPS copy service to CLS Members for them to receive copies of MT 300s sent by their clients for settlement in CLS.
MI Channel optimises the exchange of very large amounts of data between market infrastructure communities in the domestic and international payments, securities and FX markets.
The SWIFT FIN network enables institutions to send centrally validated, secure and reliable messages to their counterparty, that also provides many advanced delivery options such as automatic copying to one or more destinations.
SWIFT WebAccess is a secure, with SWIFT managed user access, and a reliable channel enabling access to multiple web applications from a single window.