Bank of China becomes CLS Group shareholder

Bank of China (BoC) has become the first Chinese bank with a shareholding in settlement provider CLS Group.

It will apply to become a settlement member of CLS Bank International, the provider of continuous linked settlement (CLS), a global banking settlement system for the foreign exchange market.

BoC president Li Lihui said: “We can better manage settlement risk in the foreign exchange market and improve fund use efficiency after joining CLS and adopting its advanced, safe and efficient settlement model.”

Rob Close, chief executive of CLS Group and president and chief executive of CLS Bank, said: “We look forward to providing Bank of China with the same risk, liquidity and efficiency benefits of CLS that our growing community of participants continues to experience.”

CLS Bank links 15 central banks and many large financial institutions. A total of 57 member banks now settles payment instructions associated with foreign exchange trades through CLS Bank. Sixty-nine banking and financial institutions now have CLS shareholdings.

CLS Bank now settles an average of 260,000 instructions a day, with a gross value of $2.9 trillion.

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