Fundamental To FX
Since it began operations, CLS has rapidly become the market-standard for foreign exchange settlement. As a result the Financial Stability Oversight Council (FSOC) officially designated CLS a Systemically Important Financial Market Utility in July 2012.
The single day record for gross-value settlement, set on 19 March 2008, stands at US$10.3 trillion, for 1,113,464 payment instructions. The single day record for gross-volume settlement, set on 21 September 2011, is 1,960,492. These instructions contained a gross value of approximately US$ 8.9 trillion.
In 2002 CLS was launched with 39 Members and seven currencies. As of September 2012 CLS has 74 Shareholders, 61 Settlement Members and over 15,000 Third Party participants.
Read more about this topic: CLS Group
Famous quotes containing the word fundamental:
“In a period of a people’s life that bears the designation “transitional,” the task of a thinking individual, of a sincere citizen of his country, is to go forward, despite the dirt and difficulty of the path, to go forward without losing from view even for a moment those fundamental ideals on which the entire existence of the society to which he belongs is built.”
—Ivan Sergeevich Turgenev (1818–1883)