Continuous Linked Settlement
From Open Risk Manual
Definition
Continuous Linked Settlement. (CLS) It is a settlement system run by CLS Bank International, a financial institution dedicated to settling foreign exchange trades.
CLS operates a multi-currency settlement system that mitigates risk for foreign exchange transactions through the provision of its payment versus payment settlement service, which has direct links to the real-time gross settlement (RTGS) systems of the 18 currencies it settles.
