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Printable Handouts
Navigable Slide Index
- Introduction
- What is CLS?
- Outline
- Overview of the FX market
- Why is the FX market important?
- What are the main types of trades?
- Spot transactions
- Outright forwards
- Foreign exchange swaps
- Example of FX swap
- Currency swaps
- Example of currency swap
- Currency or foreign exchange options
- Example of currency / foreign exchange options
- Evolution of volumes in recent years
- FX committees
- FX settlement before CLS
- An example
- Banks balance sheets
- Successful settlement before CLS (1)
- Successful settlement before CLS (2)
- Foreign exchange before CLS
- Market risk
- Settlement risk
- Liquidity risk
- Credit risk
- Unsuccessful settlement before CLS
- Herstatt risk
- Bankhaus Herstatt
- Market disruptions following Herstatt
- Other examples of market disruptions
- Policy responses
- Reducing FX settlement risk
- Overlapping opening times
- Improving national payment system
- The economics of CLS
- CLS is designed to limit settlement risk
- PvP: the key feature of CLS
- Settlement with CLS
- After pay-in
- CLS Bank after pay-in
- After settlement (1)
- After pay-out
- Foreign exchange with CLS
- Saving liquidity (and adding risk?)
- After initial pay-in
- CLS Bank after initial pay-in
- After settlement (2)
- After final pay-in
- The risks of CLS
- Risk management
- Overdraft facilities
- Net Positive Overall Value
- Short Position Limits (SLP)
- Aggregate Short Position Limits (ASLP)
- Liquidity providers
- Loss sharing arrangements
- Liquidity management
- In-out swaps
- Example of in-out swaps
- Liquidity groups
- Progress in reducing FX risk (1)
- Progress in reducing FX risk (2)
- How is CLS organized?
- Governance
- Access to CLS / memberships
- Strong growth in 3rd parties
- Eligible currencies
- Linkages with central banks
- Supervision and oversight
- Cooperative oversight arrangement of CLS
- Goals of the arrangement
- CLS settlement process
- CLS and the crisis
- Future directions for CLS
- Conclusion
- References
Topics Covered
- Overview of the FX market
- The economic role of CLS
- How has CLS changed FX settlement?
- How is CLS organized?
- The effect of CLS on international payments
- Future directions for CLS and regulatory implications
Links
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Talk Citation
Bech, M. and Martin, A. (2010, March 31). Continuous linked settlement (CLS) [Video file]. In The Business & Management Collection, Henry Stewart Talks. Retrieved November 12, 2024, from https://doi.org/10.69645/WECI1733.Export Citation (RIS)