CLS Bank International (CLS Bank) has set a new record for the volume of payment instructions settled in one day.
CLS Bank settled 873,430 payment instructions with a gross value of US$ 4.9 trillion (previous volume record 705,582). This is the first time that the volume of payment instructions settled has exceeded 800,000 in one day.
So far during August CLS Bank has settled an average of 450,000 payment instructions a day derived from foreign exchange deals submitted by its Members and their third party clients, with a gross value in excess of US$ 3.9 trillion. Participation in CLS continues to grow, with 1,672 banks, brokers, fund accounts and corporates currently using the CLS Bank service.
“This new record, which is a result of record FX market activity last week, is almost twice the current average volume and represents a significant increase on our projected volumes for 2007,” says Rob Close, Chief Executive Officer of CLS Group and President and CEO of CLS Bank. “Despite the challenges that the industry was faced with in the light of these high volumes, it is pleasing that the CLS Bank service coped with all systems and processes operating well.”