CLS Group

What CLS Group does

CLS Group is a privately held financial market infrastructure (FMI) founded in 2002 and headquartered in London, operating the world's largest multicurrency cash settlement system for foreign exchange transactions. Its core service, CLSSettlement, provides payment-versus-payment (PvP) settlement for 18 of the most traded currencies, eliminating Herstatt risk by simultaneously settling both legs of an FX trade. The company serves 75 settlement members and approximately 38,000 indirect participants — primarily global and regional banks, alongside a growing cohort of corporates, asset managers, and non-bank financial institutions — and settles an average of over USD 7 trillion daily.

The technology platform combines CLSSettlement (single daily cycle, multilateral netting achieving 96% payment reduction and 99% funding reduction) with CLSNet (bilateral netting for 120+ currencies), CLSClearedFX (PvP for cleared derivatives), Cross Currency Swaps and OTC Derivatives settlement modules, CLSTradeMonitor (trade reporting), CLSOptimization (processing optimization), and the CLSMarketData suite (FX Volume, FX Flow, FX Outstanding, FX Pricing). CLS Bank International is a US Edge Act corporation designated as a Systemically Important FMU under Dodd-Frank Title VIII, with cooperative oversight administered by the Federal Reserve Bank of New York across 23 central bank members.

CLS monetizes primarily through transaction fees on settlement and netting services billed to members, complemented by data product revenue from CLSMarketData. The go-to-market is enterprise field sales via a membership model — direct settlement members plus third-party access — with thought leadership and industry events as the principal demand generation channels. The company operates offices in London (headquarters), New York, Tokyo, and Hong Kong, and is privately held by its shareholder members with no public listing or external funding rounds disclosed.

Name

CLS Group

Legal name

CLS Group Holdings AG

Website

https://cls-group.com

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

501–1,000 employees

Short description

CLS Group operates the world's largest multicurrency FX settlement system, providing payment-versus-payment settlement for 18 currencies to 75 settlement members and 38,000 indirect participants globally, settling over USD 7 trillion daily across banks, corporates, funds, and NBFIs.

Ownership category

akta.pro rank

Product category

FX Settlement Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

CCP Settlement & Payment Infrastructure Services (FSAFAFAL)

akta.pro secondary industries

FX Clearing CCPs (FSAFAFAE), FX Electronic Trading Platforms (Spot/Forwards/Swaps) (FSAFANAC)

Keywords

• FX settlement services
• Payment-versus-payment infrastructure
• Bilateral payment netting
• FX market data products
• Cleared FX derivatives

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. CLSSettlement Fees: CLS generates revenue through settlement fees charged to its 75 settlement members for processing FX payment instructions through its PvP settlement system.
2. CLSNet Processing Fees: Bilateral netting calculation service fees for FX trades submitted for netting across 120+ currencies.
3. Data Products: Revenue from CLSMarketData products including FX Volume, FX Flow, FX Outstanding, and FX Pricing data products.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

CLS Group operates a global financial market infrastructure providing payment-versus-payment (PvP) FX settlement for 18 of the world's most traded currencies, bilateral payment netting through CLSNet for over 120 currencies, and a suite of FX market data products. The platform mitigates FX settlement risk (Herstatt risk) by simultaneously settling both currency legs of FX trades, achieving 96% multilateral netting efficiency and reducing funding requirements by 99%.

Product overview

CLS Group operates as a financial market infrastructure providing a platform-plus-modules architecture for FX settlement, processing, and data services. The core platform includes CLSSettlement (PvP settlement for 18 currencies with multilateral netting), CLSNet (bilateral payment netting for 120+ currencies), and CLSClearedFX (cleared FX derivatives settlement). These are complemented by add-on modules including Cross Currency Swaps, OTC Derivatives settlement, CLSTradeMonitor (trade reporting), CLSOptimization (process optimization), and Membership services. The data portfolio comprises CLSMarketData with sub-products for FX Volume, FX Flow, FX Outstanding, and FX Pricing. The ecosystem serves 75 settlement members and approximately 38,000 indirect participants, settling over USD 8 trillion daily.

Differentiator

Problem solved

Functional benefit

Brands

• CLSSettlement: Payment-versus-payment (PvP) settlement service for FX trades, providing settlement risk mitigation for 18 of the world's most traded currencies
• CLSNet
• CLSMarketData
• CLSTradeMonitor
• CLSOptimization
• CLSClearedFX
• CLS Aggregation
• CLSNow

Products and services

• CLSSettlement FX settlement risk mitigation service providing payment-versus-payment (PvP) settlement for 18 of the world's most traded currencies. Offers multilateral netting to reduce gross payments by 96% and liquidity optimization mechanisms. Used by banks, corporates, funds, and non-bank financial institutions.
• CLSNet

Quantifiable outcome

• 96% multilateral netting efficiency reducing gross payment values
• +4 more outcomes

Named customers31 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature6 records

Partnerships

Five partnerships are on record, tiered core and minor.

• FNAcoreStrategic or Co-development Partner · 6 March 2025CLS partnered with FNA, a global leader in network analytics and simulation of financial market infrastructures, to study the liquidity implications and potential benefits of introducing additional settlement cycles per day in CLSSettlement. The collaboration produced a joint report 'Reimagining same-day FX' analyzing settlement frequency trade-offs.
• LCHcoreTechnology or IntegrationLCH became the first CCP to go live on CLS's redesigned CLSClearedFX service, providing PvP settlement for cleared FX derivatives.
• IHS MarkitcoreTechnology or IntegrationCLS and IHS Markit collaborated on cross-currency swaps service, extending FX settlement to CCS transactions. HSBC, Goldman Sachs and other banks joined this service.
• SIGTechminorStrategic or Co-development PartnerCLS and SIGTech collaborated to offer quantitative analytics capabilities to the FX market.
• TriOptimacoreTechnology or IntegrationCLS and TriOptima expanded FX forward compression service to third parties. The collaboration has compressed over USD1 trillion in notional value.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Regional players

• BME Clearing (Bolsas y Mercados Españoles): BME Clearing is a Spanish multi-asset CCP providing clearing services for derivatives, equities, and fixed income products. As a regional clearinghouse, BME Clearing addresses some FX clearing needs in the European market that potentially overlap with CLSNet's coverage of 120+ currencies.
• JSCC (Japan Securities Clearing Corporation): JSCC is Japan's sole securities clearing house providing clearing services for exchange-traded and OTC derivatives. As a regional clearing infrastructure serving major Japanese CLS members (MUFG, Daiwa, Mitsui), JSCC's clearing relationships intersect with CLS's settlement services for Japanese FX transactions.

Direct peers

• TriOptima (CME Group): TriOptima (a CME Group company) provides post-trade services including FX forward compression, having compressed over USD 1 trillion in notional value in partnership with CLS. TriOptima addresses similar post-trade risk reduction needs as CLS's CLSClearedFX and Cross Currency Swaps services for OTC derivatives.
• LCH (LSEG): LCH is a leading multi-asset CCP that provides clearing for OTC FX derivatives and was the first CCP to go live on CLS's redesigned CLSClearedFX service. LCH directly competes with CLS in cleared FX settlement and operates SwapAgent, an FX settlement service that overlaps with CLSNet functionality.
• EBS (CME Group): EBS is a major FX electronic trading platform operated by CME Group, providing trading venue services for spot FX, precious metals, and NDFs. EBS trades are commonly settled via CLS, making it a key upstream partner and adjacent infrastructure provider in the FX trade lifecycle.

Broad incumbents

• SWIFT: SWIFT operates the global financial messaging network used by 11,000+ institutions for cross-border payment instructions. While SWIFT provides messaging rather than settlement, it serves as critical infrastructure for CLS members and competes in adjacent payment-versus-payment initiatives like SWIFT gpi.
• Euroclear: Euroclear is one of the world's largest international central securities depositories providing settlement and custody for securities transactions. As a fellow financial market infrastructure serving cross-border post-trade needs, Euroclear shares CLS's business model of providing multilateral netting and settlement infrastructure with network-effect economics.
• DTCC (Depository Trust & Clearing Corporation): DTCC is the largest US securities clearing and settlement infrastructure, operating clearinghouse services through subsidiaries like NSCC and FICC. While CLS specializes in FX settlement, DTCC provides analogous post-trade infrastructure for securities with comparable network effects and regulatory oversight as a Systemically Important FMU.
• CME Group: CME Group operates the world's largest derivatives exchange with integrated clearing through CME Clearing. CME's FX futures and cleared OTC FX products compete with CLS-settled FX instruments, and CME operates EBS, a major FX electronic trading platform that interfaces directly with CLS settlement services.
• Clearstream: Clearstream (Deutsche Börse Group) provides settlement, custody, and collateral management services for securities, similar to Euroclear. As a European-headquartered FMI with global reach, Clearstream shares CLS's cooperative oversight structure and serves comparable institutional clients in cross-border post-trade infrastructure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/clsgroup
• YouTubeyoutube.com/channel/UCvzHOVR9eLsRLClfGSIzSEQ
• LinkedInlinkedin.com/company/cls-bank

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CLS Group