CLS Adds U.S. Bank

While technology seeks to speed up settlement and payments, the major incumbent in the FX settlement space, CLS, continues to attract institutions to its service, with U.S. Bank becoming the third to join as a Settlement Member this year.

With 76 Settlement Members, CLS says it averaged $7.9 trillion per day in daily settled value in the first half of 2025, a 12% increase on the previous year and another indicator that the BIS Triennial Survey, to be released later this month, will show a significant increase over the $7.5 trillion reported in 2022.

“Having one of the US’ largest banks by assets under management join our network is a testament to the benefits CLS Settlement provides to FX markets participants,” says Lisa Danino-Lewis, chief growth officer at CLS. “The service not only offers funding and liquidity efficiencies through multilateral netting but also mitigates settlement risk through PvP settlement.”

Chris Braun, global head of FX, U.S. Bank, adds, “Our continually expanding FX business helps firms across the US manage currency risk with tailored mitigation strategies, deep market insight and reliable execution. Joining CLSSettlement is another step forward in our progress in delivering comprehensive FX services to our clients.”