CLS

Continuous Linked Settlement

CLS is a global system for settling foreign exchange transactions using payment-versus-payment. It reduces settlement risk in cross-border payments by ensuring both sides of an FX trade settle simultaneously.

CLS handles multiple major currencies and is widely used by banks and financial institutions for FX settlement. It operates as a specialized financial market infrastructure rather than a consumer payment rail.

Related Terms

Cross-Border Payment

A cross-border payment is a transfer where the payer and payee are in different countries or currenc...

Wire Transfer

A wire transfer is an electronic transfer of funds between banks or financial institutions. Wire tra...

RTGS

Real-Time Gross Settlement

RTGS is a funds transfer system where money moves from one bank to another on a real-time and gross ...

FX Spread

An FX spread is the difference between the buy and sell exchange rates for a currency pair. It repre...

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