On October 9th, the spokesman of Bank of China Limited (“Bank of China”) announces in Beijing that Bank of China has become a Shareholder of CLS Group, bringing the total number of CLS Shareholders to 69. Bank of China is the first Chinese bank member of CLS Shareholder group, which mainly consists of large international commercial banks and investment banks.
As introduced by Mr. Wang Zhaowen, the spokesman of Bank of China, CLS Bank International (‘CLS Bank’) is the provider of Continuous Linked Settlement (CLS?), a global banking settlement system for the foreign exchange market. CLS Bank links fifteen of the world’s central banks and many of the world’s leading financial institutions. A total of 57 Member Banks are now settling payment instructions associated with foreign exchange trades through CLS Bank, with over 750 customers in total. CLS Bank is now settling on average over 260,000 instructions each day, with a gross value in excess of US$2.9 trillion. Bank of China (Hong Kong) Limited will in due course apply to become a Settlement Member of CLS Bank.
Rob Close, Chief Executive Officer of CLS Group and President and CEO of CLS Bank said: “I am pleased to welcome Bank of China to our enlarged Shareholder group. China is a very important part of the global economy and will see significant growth in its financial sector in the coming years. As our first Chinese Shareholder, we look forward to providing it with the same risk, liquidity and efficiency benefits of CLS that our growing community of participants continues to experience.”
Mr. Li Lihui, President of Bank of China said: “As a leading foreign exchange bank in the PRC, we can better manage settlement risk in the foreign exchange market and improve fund use efficiency after joining CLS and adopting its advanced, safe and efficient settlement model, thereby further enhancing our risk management and liquidity management.”
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