CLS Bank International settled 502,384 payment instructions with a value of $3.9 trillion, marking the first time the New York-based bank topped 500,000 in one day.
On a normal day CLS Bank is now settling on average almost 220,000 payment instructions a day derived from foreign exchange deals submitted by its members and their third party clients, with a gross value in excess of US$ 2.6 trillion.
Volumes continue to grow ahead of expectations as more and more banks, brokers, funds and corporates realize the benefits of CLS Settlement, said Rob Close, president and CEO of CLS Bank. The coming year will see CLS Bank extend its product portfolio for non-deliverable forwards (NDFs) and FX option premiums, encouraging greater participation and volume growth, reducing the unit cost of CLS settlement for all instruments.