Meaning of CLS BANK in English

CLS BANK

CLS stands for Continuous Linked Settlement. The CLS Bank provides global multi-currency settlement services for foreign exchange transactions, using a payment versus payment (PvP) mechanism (meaning that a foreign exchange operation is settled only if both counterparties simultaneously have a sufficient position in the currency they are selling).

European Central Bank English Glossary.      Английский глоссарий Европейского Центрального Банка.