CLS Is Live. What Next?

For Continuous Linked Settlement (CLS), the industry-backed foreign exchange settlement system with a history of delays and glitches, its launch in September was decidedly a non-event. To the relief of most participants, the system not only worked, but it has continued to work, allowing its 39 settlement members to settle some 10,000 instructions per day with a gross value of over US$100 billion.

"It’s been surprisingly good," says Wayne Ferguson, vice president of global cash management at

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