CLS
CLS operates the global standard payment-versus-payment (PvP) FX settlement infrastructure, settling USD 8+ trillion daily across 18 currencies for 75+ settlement members and 38,000+ indirect participants, with a transaction-fee revenue model tied to settlement volumes.
- Company typePrivate
- Founded2002
- HeadquartersNew York, United States
- Headcount501–1,000
- GTM typeB2B
- OfferingServices
What CLS does
CLS Group Holdings A.G. (CLS) is a privately held financial market infrastructure founded in 2002 in response to the FX settlement risk exposed by the 1974 Herstatt bank collapse. CLS operates CLSSettlement, a payment-versus-payment (PvP) settlement system covering 18 of the world's most actively traded currencies through multilateral netting and integration with central bank real-time gross settlement systems. Its services settle an average of USD 8+ trillion daily and reduce gross payment values by 96% and funding requirements by 99% through netting and liquidity-saving mechanisms. CLSNet extends standardized bilateral payment netting calculation to over 120 currencies, including emerging market currencies, and CLSMarketData provides FX volume, flow, outstanding, and pricing analytics.
CLS serves 75+ settlement members — the world's largest financial institutions — and over 38,000 third-party clients (corporates, funds, and non-bank financial institutions) who access services through a sponsoring member. The platform also supports cleared FX and derivatives via CLSClearedFX, cross-currency swaps, OTC derivatives, and consolidated trade reporting through CLSTradeMonitor. CLS is co-owned by its settlement members rather than VC- or PE-backed, and its governance is integrated with CPMI, GFXC, and FSB standards bodies, with its PvP infrastructure incorporated into the FX Global Code (Principles 35 and 50).
CLS generates revenue through transaction-based fees tied to the volume and value of FX settled and processed across its services, with pricing negotiated bilaterally with settlement members. GTM is enterprise-field-sales oriented, targeting global systemically important banks and increasingly corporates and NBFIs in Asia-Pacific. The company is headquartered in London, with offices in New York and Tokyo, and operates 5.5 days per week across its settlement window.
CLS firmographics
Firmographics- Name
- CLS
- Legal name
- CLS Group Holdings A.G.
- Website
- https://cls-group.com
- Company type
- Private
- Founded year
- 2002
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- CLS operates the global standard payment-versus-payment (PvP) FX settlement infrastructure, settling USD 8+ trillion daily across 18 currencies for 75+ settlement members and 38,000+ indirect participants, with a transaction-fee revenue model tied to settlement volumes.
- Ownership category
- akta.pro rank
CLS industry classification
Industry- Product category
- FX Settlement and Processing 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 Transaction Reporting Utilities (FSAFAJAC)
Keywords
Where CLS is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
CLS business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Others
Revenue model
- Settlement and Processing Fees: CLS generates revenue through fees charged to settlement members and participants for using its CLSSettlement, CLSNet, Cross Currency Swaps, and other processing services. Fees are tied to settlement volumes and values processed, making revenue directly proportional to FX market activity levels.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Settlement membership for direct settlement members |
| Transaction based/ take rate | Pay-as-you-go | Third-party indirect participant access |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
CLS product offering
Product offeringCore offering
CLS operates a global financial market infrastructure providing payment-versus-payment (PvP) FX settlement across 18 of the world's most actively traded currencies via its CLSSettlement service, achieving 96% multilateral netting of gross payments and 99% reduction in funding requirements. Through CLSNet, it extends standardized bilateral payment netting calculations to over 120 currencies, and additionally offers cleared FX settlement (CLSClearedFX), trade reporting (CLSTradeMonitor), portfolio optimization (CLSOptimization), and FX market data products (CLSMarketData).
Differentiator
Problem solved
Functional benefit
Brands
- CLSSettlement: Payment-versus-payment (PvP) settlement service for FX trades across 18 currencies.
- CLSNet
- CLSMarketData
- CLSClearedFX
- CLSTradeMonitor
- CLSOptimization
- Cross Currency Swaps (CCS)
Quantifiable outcome
- Reduces FX settlement risk exposure by approximately 90% for FX trades in 18 CLS-eligible currencies
- +4 more outcomes
Companies that use CLS
Customer profileNamed customers17 records
Segments4 records
Ideal customer profiles4 records
CLS technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature7 records
CLS partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered notable, core and minor.
- FNAnotableCLS partnered with FNA (a global leader in network analytics and simulation of financial market infrastructures) to study the liquidity implications of introducing additional settlement cycles per day in CLSSettlement. The partnership produced a joint report published in March 2025 titled 'Reimagining same-day FX: Exploring the case for additional settlement cycles.'
- CPMI (Committee on Payments and Market Infrastructures)coreCLS participates in CPMI-led working groups including the Payments Interoperability and Extension (PIE) Task Force. CPMI publishes international standards for financial market infrastructures (PFMI) and promotes PvP adoption globally.
- GFXC (Global Foreign Exchange Committee)coreCLS is actively engaged in the development and enhancement of the FX Global Code, particularly regarding settlement risk principles (Principles 35 and 50). CLS hosts the FX Global Code public register.
- FSB (Financial Stability Board)coreCLS participates in FSB initiatives including the G20 Roadmap for Enhancing Cross-Border Payments (Building Block 9 focuses on mitigating FX settlement risk through PvP arrangements).
- Central Banks (BIS, ECB, Fed, Bank of England)coreCLS holds accounts with central banks of each supported currency jurisdiction, enabling RTGS settlement. CLS was established in 2002 as a private-sector response to public-sector calls for FX settlement risk mitigation. CLS maintains ongoing engagement with BIS, ECB, Federal Reserve, and Bank of England on policy and standards.
- SWIFTnotableCLS's ISO 20022 migration was completed in November 2025, integrating with SWIFT's messaging standards infrastructure for cross-border payments and FX settlement.
- IBMnotableCLS extended its technology partnership with IBM to support its infrastructure operations, including the migration of its settlement service to a new state-of-the-art technology platform.
- Market Advisory ForumnotableCLS established a Market Advisory Forum to provide advice and feedback on key market issues impacting the FX industry, including the T+1 securities settlement transition, market challenges, and how CLS products can assist with market transitions.
- CEO Action for Diversity & InclusionminorCLS's CEO Marc Bayle de Jessé signed the CEO Action for Diversity & Inclusion pledge, joining over 2,000 business leaders committed to advancing diversity and inclusion in the workplace.
Scale indicators15 records
Recent moves6 records
Expansion highlights6 records
CLS competitors and assessment
Company assessmentBroad incumbents
- Clearstream (Deutsche Börse): Clearstream is a post-trade services provider offering settlement, custody, and collateral management across securities. Comparable to CLS as a settlement utility, though primarily for securities rather than FX.
- CME Group: CME Group operates the largest derivatives exchange and a related clearing house. While FX is one of many product lines, CME is a comparable global FMI serving institutional traders with clearing, settlement, and market data.
- DTCC: Depository Trust & Clearing Corporation is the largest US-based post-trade financial market infrastructure. While it focuses on securities clearing and settlement rather than FX, it is comparable as a systemically important multi-asset FMI serving large global banks.
- Euroclear: Euroclear is a leading international central securities depository providing settlement and custody. Comparable to CLS as a global FMI with central bank connectivity, but focused on securities settlement rather than PvP FX.
- Eurex Clearing (Deutsche Börse): Eurex Clearing is a major multi-asset CCP that clears listed derivatives, repo, and securities financing. Comparable to CLS as a CCP/clearing utility serving the same institutional FX and rates client base, though broader in scope.
Others
- SWIFT: SWIFT is the global financial messaging network that CLS integrates with for cross-border FX settlement messaging. It is comparable as foundational financial market infrastructure, though it operates in messaging rather than settlement.
- Refinitiv (LSEG): Refinitiv provides FX trading venues (Matching, FXall post-trade), market data, and reference data. Comparable to CLS through its FX post-trade and data services that touch the same institutional client base.
Direct peers
- LCH (LSEG): LCH, owned by London Stock Exchange Group, operates ForexClear for FX derivatives clearing. It is the most direct functional peer to CLS's CLSClearedFX and Cross Currency Swaps services, addressing FX settlement and counterparty risk for the same institutional client base.
Emerging players
- BIS Innovation Hub (Project Agorá): The BIS Innovation Hub's Project Agorá and related initiatives explore tokenized cross-border payments and unified ledger-based FX settlement. It is a comparable and potentially disruptive initiative targeting the same PvP settlement problem CLS solves today.
- Tradeweb (FXall): Tradeweb's FXall is a leading institutional FX trading venue. It is comparable to CLS as a global FX infrastructure provider, addressing a different layer of the trade lifecycle (execution vs. settlement) for the same institutional clients.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
CLS social profiles
Digital presenceCLS financial estimates
Financial estimateRevenue estimate
Valuation estimate
CLS leadership team
Management profileNumber of profiles
Profiles2 records
CLS funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
CLS M&A and investment
M&A and investmentM&A
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about CLS
What does CLS do?
CLS operates a global financial market infrastructure providing payment-versus-payment (PvP) FX settlement across 18 of the world's most actively traded currencies via its CLSSettlement service, achieving 96% multilateral netting of gross payments and 99% reduction in funding requirements. Through CLSNet, it extends standardized bilateral payment netting calculations to over 120 currencies, and additionally offers cleared FX settlement (CLSClearedFX), trade reporting (CLSTradeMonitor), portfolio optimization (CLSOptimization), and FX market data products (CLSMarketData).
Is CLS a public or private company?
CLS is a private company. It is classified as corporate owned and is currently operating.
When was CLS founded?
CLS was founded in 2002. It employs 501 to 1,000 people.
Where is CLS based?
CLS is headquartered in New York, United States, in the North America region.
How does CLS make money?
One revenue line is on record: settlement and Processing Fees.
Who are CLS's main competitors?
Broad incumbents on record are Clearstream (Deutsche Börse), CME Group, DTCC, Euroclear and Eurex Clearing (Deutsche Börse). Others are SWIFT and Refinitiv (LSEG). LCH (LSEG) is listed as a direct peer. Emerging players are BIS Innovation Hub (Project Agorá) and Tradeweb (FXall).
Does CLS have an API?
No public API is recorded for CLS.
What industry is CLS in?
CLS's product category is FX Settlement and Processing Infrastructure. Its primary akta.pro industry code is FSAFAFAL, CCP Settlement & Payment Infrastructure Services, with a secondary code of FSAFAFAE, FX Clearing CCPs. Its NAICS code is 522320 and its SIC code is 6200.