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CLS Bank was founded in 1997 by leading forex trading banks with the support of central banks and the Bank for International Settlements (BIS) to safely settle foreign exchange transactions. CLS, or Continuous Linked Settlement, is designed to remove the Herstatt risk of default by one party in a foreign exchange deal. The two parties to a trade simultaneously pay out and receive the currencies they have traded.
See also: http://www.cls-group.com/Pages/default.aspx