The key features of CLS Bank are:
Which currencies settle at CLS Bank? CLS Bank offers settlement in the following 18 currencies: a)EUR (Euro) b)GBP (Great Britain Pound). c)CHF (Swiss Franc) d)CAD (Canadian Dollar) e)YEN (Japanese Yen) f)AUD (Australian Dollar) g)DKK (Danish Krone) h)NOK (Norwegian Krone). i)SEK (Swedish Krona) j)SGD (Singapore Dollar) k)USD (US Dollar) l)HKD (Hong Kong Dollar) m)KRW (Korean Won) n)ZAR (South African Rand) o)NZD (New Zealand Dollar) p)ILS (Israeli Shekel) q)MXN (Mexican Peso).
r) HUF (Hungarian Forint)
The main essence of the CCIL product offering is to aggregate trades reported by all Member Banks. The higher volumes enable CCIL to drive for better pricing and improved liquidity management, enabling banks to collectively enjoy the benefits of cross currency settlement through CLS Bank. The other key features of the CCIL-CLS product offering are:
CCIL undertakes settlement in the 14 major currencies. The Korean Won (KRW), the Israeli Shekel (ILS), the Mexican Peso (MXN) and the Hungarian Forint (HUF) are currently not traded by Indian banks in a major way and hence not taken up for settlement.
The member bank is provided with an internet based application UBS Key Link which provides real time information about trades and positions. The Online information on payment status and positions is available to member banks on the IRIS platform.