CLS to replace core settlement system

Overhaul will leverage conventional technology rather than blockchain solution that underpins new CLSNet service

Upgrade: CLS intends to overhaul its 15-year-old settlement engine

CLS Bank – the de facto settlement provider to the global foreign exchange markets – has initiated a lengthy project to replace the core settlement engine it has relied on for the past 15 years.

“We have embarked on a strategy to ultimately replace the settlement system on which CLS was launched. This is a project we have been working on for some time as we consider what kind of platform we need to embark on a growth strategy in the coming years, and deliver the best value for our members and t