CLS BANK

   A bank set up by leading trading banks, with the support of central banks and the BIS (Bank for International Settlements), to settle foreign exchange transactions on a global basis. CLS, or Continuous Linked Settlement, is designed to remove the Herstatt Risk of default by one party in a foreign exchange deal.

   ■ www.cls-services.com ■

   ► See also BIS, Herstatt Risk, Settlement.