FX Operations and CLS

Ulrich Bindseil and George Pantelopoulos
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Ulrich Bindseil: European Central Bank
George Pantelopoulos: University of Newcastle

Chapter 7 in Introduction to Payments and Financial Market Infrastructures, 2023, pp 97-107 from Springer

Abstract: Abstract One of the most recent payment infrastructure innovations – the process of Continuous Linked Settlement (CLS) – is explored in this chapter. At the outset, a brief introduction regarding the various ways banks may raise foreign currency deposits via entering into FX trades is provided. The origins and operational framework of CLS are then described. To depict the mechanics of CLS, we then employ systems of financial accounts to demonstrate a FX spot trade both outside and through CLS.

Date: 2023
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DOI: 10.1007/978-3-031-39520-8_7

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