How is CLS managed?
As of March 2008 there are 69 banks that are shareholders of CLS. Settlement Members have direct links to CLS to input deals on their own and their customers’ behalf. They effect settlement on the due dates through accounts held at the CLS Bank. User Members have the same direct access, but use a Settlement Member to handle their settlement on the due dates. Third Parties have no direct links to CLS, and their trades must be sent to CLS via a Settlement or User Member. Most banks (as well as major corporates with their own FX departments), that wish to use CLS, will do so as Third Parties.
