CLS says first trials successful
LONDON -- CLS Bank International said in July it had successfully completed the first phase of live trials of Continuous Linked Settlement (CLS), the foreign exchange industry-led project designed to eliminate settlement risk in the forex market.
The trials were conducted end-to-end, taking in the whole CLS process, and involved real-value instructions for payment using all seven currencies available on the system. Eleven ‘pilot shareholder banks’ were involved and successfully handled payments
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