CLS bank waits on Fed approval for FX settlement

UK - Settlement bank CLS, aiming to provide a global system to cut risk in settling currency deals, hopes for regulatory approval next month for a full commercial start in the last quarter of this year, Reuters reports a spokesman as saying.

Shareholder banks of CLS (Continuous Linked Settlement) are currently in trials of the service but once it has the go-ahead from the U.S. Federal Reserve it will start controlled live use of the system, possibly in mid to late September.

"We have to complete

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.