cls bank deals with transactions arising out of
foreign exchange market the foreign exchange market
title: CLS Group text: Act Corporation, a limited purpose bank regulated by the Federal Reserve Bank of New York. Since it began operations in 2002, CLS has rapidly increased and by March 2017 was settling just over 50% of global FX transactions. As a result, the Financial Stability Oversight Council (FSOC) officially designated CLS a Systemically Important Financial Market Utility in July 2012. The single day record for value settled is US$11.11 trillion, set on 21 June 2017. The single day record for volume settled is 2.58 million, set on 14 November 2016. In 2002, CLS was launched with 39 members and seven currencies. title: Bank text: legal theorists to suggest that the cheque based definition should be broadened to include financial institutions that conduct current accounts for customers and enable customers to pay and be paid by third parties, even if they do not pay and collect cheques . Banks act as payment agents by conducting checking or current accounts for customers, paying cheques drawn by customers in the bank, and collecting cheques deposited to customers' current accounts. Banks also enable customer payments via other payment methods such as Automated Clearing House (ACH), Wire transfers or telegraphic transfer, EFTPOS, and automated teller machines (ATMs). Banks borrow title: CLS Group text: CLS holds accounts with each of the central banks whose currencies it settles. On each settlement date, upon determining that the accounts of the submitting settlement members satisfy several risk management tests, CLS simultaneously settles each pair of matched payment instructions by making the corresponding debit and credit entries in the settlement members’ accounts at CLS. The settlement of the payment instructions and the associated payments are final and irrevocable. For example, (GBP/USD = 1.50, EUR/USD = 1.25): These obligations are funded into and from each member’s respective multi-currency account. Another key element of the CLS Settlement Service is the title: CLSA text: CLSA CLSA Ltd. (formerly known as Credit Lyonnais Securities Asia) is a capital markets and investment group focused on alternative investment, asset management, corporate finance and capital markets, securities and wealth management for corporate and institutional clients around the world. Founded in 1986 by two former journalists, CLSA has its headquarters in Hong Kong and offices or representatives in 20 cities across the Asia-Pacific region, as well as Amsterdam, London and New York. In 2013, CITIC Securities, China's largest investment bank acquired CLSA for US$ 1.3 billion. In 1986, Winfull Laing & Cruickshank Securities began operations in Hong Kong, with title: CLS Group text: make and receive payments. This enables simultaneous settlement of the payments on both sides of an FX transaction. Each settlement member holds a single multi-currency account with CLS. At the start and end of a normal settlement day, each settlement member has a zero balance on its account. Under normal operations of the settlement service, CLS starts and ends the day with a zero balance in its central bank accounts and in its Settlement Member accounts. Settlement members may submit instructions relating to their own FX transactions as well as the FX transactions of their third-party customers directly to CLS.