There has been considerable interest in CLS since its much-anticipated launch in late 2002. This is hardly surprising, as CLS provides a groundbreaking settlement mechanism that significantly reduces the settlement risk in the global FX markets, where the daily turnover in global FX transactions currently averages $2 trillion and continues to grow at an exponential rate.
By March 2004, over 120 third parties had joined the CLS system. Over 90% of these are from countries whose currencies are CLS eligible. Presently, FX trades comprising the following eleven currency pairs are eligible for settlement on CLS Australian Dollar, Canadian Dollar, Danish Krone, Euro, GB Pound, Japanese Yen, Norwegian Krone, Singapore Dollar, Swedish...
