CLS Bank International set a new record Wednesday for the volume of payment instructions settled in one day. CLS Bank settled 464,450 payment instructions with a gross value of $3.426 trillion.
This new record, following the US Independence Day holiday, is the first time that the volume of payment instructions settled has exceeded 400,000 in one day. It is a 22 percent increase on the previous record of 381,302 set on 18 January 2005, following the Martin Luther King US public holiday.
On a normal day CLS Bank is now settling on average more than 200,000 payment instructions a day derived from foreign exchange deals submitted by its members, with a gross value in excess of $ 2 trillion.
Joseph De Feo, chief executive officer of CLS Group and President and CEO of CLS Bank, said, “This new milestone demonstrates the tremendous progress that CLS Bank has made over the last year. It is exceeding planned volume and there are now over 560 banks, brokers, funds and corporates settling through CLS Bank, representing a 164% increase from a year ago. I am pleased that we are delivering on our goal to bring the benefits of CLS participation to an ever growing community.”
CLS eliminates settlement risk through the world’s first simultaneous and irrevocable global multi-currency settlement system. Currently 568 (inclusive of 58 Settlement Members) banks, brokers, funds and corporates are now settling through CLS Bank.