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Continuous Linked Settlement (CLS): How a New Payment System Impacts Foreign Exchange Operations

Published by: TowerGroup

Published: Apr. 30, 2003 - 12 Pages


Table of Contents


Introduction

Background

Impact on Treasury Services

    Procedural Changes to Global Treasury Operations

    Benefits to Treasury Operations

    Interest in Treasury-Related CLS Services

Impact on FX Trading and Credit

    Impact on Credit Approval and Settlement Limits

    Impact on Trading Practices with Counterparties

    Interest in New Currencies

Impact on FX Operations

    Impact on FX Net Settlement / CLS Settlement Mix

    Impact on Trade Failure Rate

    Impact on Trade Settlement Costs

    Impact on FX Operational Performance Metrics

Conclusion

Exhibits

  • Procedural Changes to Global Treasury
  • Benefits of CLS to Treasury Operations
  • Interest in Treasury-Related Services from CLS
  • Impact on Credit Approval Process for CLS Counterparties
  • Impact of CLS on Trading Practices with Counterparties
  • Interest in Additional CLS Currencies
  • FX Trading Shift from FX Net Settlement to CLS Settlement
  • Impact on Trade Failure Rate
  • Impact of CLS on Cost to Process FX Trade Ticket
  • Impact of CLS on FX Operations

    Abstract

    The CLS System is a mechanism for payment-versus-payment (PVP) real-time settlement of payments associated with foreign exchange transactions, replacing the existing multiday settlement process with a daily 5-hour 'time window' during which trade funding, settlement, and payment are executed. While the system is a back-office mechanism for processing the payments associated with foreign exchange transactions among banks, its implementation has already had a significant impact on both pre- and postsettlement functions and metrics in other areas of banks' foreign exchange functions, such as treasury services, credit operations, and FX operations.

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