CLS Designated as Systemically Important by FSOC

Jonathan Butterfield, director of communications at CLS Group.

The Continuous Linked Settlement Bank International (CLS) has been designated as a systemically important financial market utility (FMU) by the US Financial Stability Oversight Council (FSOC).

CLS, which is owned by its participant members, including 73 major financial institutions, is one of the settlement facilities underpinning the orderly operation of the foreign exchange (FX) market. Counterparties in an FX transaction reduce settlement risk through CLS, which acts as an intermediary betwee