CLS reaches $1 trillion volume
CLS now handles more than 10,000 instructions a day -- two per deal, from each side of one transaction -- making the average deal settled by CLS worth about $5 million.
The $100 billion a day figure represents trades for only the initial group of 39 CLS shareholders eligible to settle trades on the system. The remaining 27 will either achieve the necessary criteria to do so next year, or will settle their forex trades through the third-party CLS systems of the CLS-eligible shareholders. Non-CLS shareholding banks wishing to settle forex trades via CLS may also use these third-party systems, which are expected to go live in November (see related stories).
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