International Monetary FundFinancial Stability Board UKNewsInformations financièresCLS - World leader in FX SettlementOur role CLS plays a fundamental role in the foreign exchange (FX) market – it operates the largest multicurrency cash settlement system to mitigate settlement risk for the FX transactions of its Members and their customers. Owned by the world's leading financial institutions, CLS settles payment instructions relating to underlying FX transactions in 18 major currencies and certain other transactions that result in one-way payments in a subset of those currencies. The FX Market The FX market is a key part of global economic activity. It is the largest financial market by value and is integral to global commerce. Settlement Risk All members of the FX community potentially bear the risk of loss of principal due to settlement risk.