CLS has welcomed U.S. Bank National Association (U.S. Bank) as the latest member of its CLSSettlement service, bringing the total number of settlement members to 76.
CLS Adds U.S. Bank as 76th Settlement Member
The Minneapolis-headquartered lender, the fifth-largest bank in the United States, is the third institution to join this year.
CLSSettlement is widely regarded as the global benchmark for foreign exchange settlement risk mitigation, covering 18 of the world’s most traded currencies.
In the first half of 2025, the service settled an average daily value of $7.9 trillion, up 12% on the previous year.
The addition of U.S. Bank is said to reflect the growing emphasis on robust risk management within the FX market.
Payment-versus-payment (PvP) settlement, the model employed by CLSSettlement, is endorsed under Principle 35 of the FX Global Code as best practice for mitigating settlement risk.
Lisa Danino-Lewis, Chief Growth Officer at CLS, said: “We are delighted that U.S. Bank has joined the growing CLSSettlement community. Having one of the US’s largest banks by assets under management join our network is a testament to the benefits CLSSettlement provides to FX market participants.”
Danino-Lewis added that the service offers funding and liquidity efficiencies through multilateral netting and “also mitigates settlement risk through PvP settlement.”
Chris Braun, Global Head of FX at U.S. Bank, added: “Joining CLSSettlement is another step forward in our progress in delivering comprehensive, best-in-class FX services to our clients.”
