The volume of instructions submitted through CLS Bank International is predicted to increase 150% by the middle of 2005, according to TowerGroup research.
CLS Bank currently settles on average almost 70,000 payment instructions per day with an average gross value of approximately $800 billion, with over $50 trillion settled to date. According to research among the 40 banking members of the foreign exchange settlement system, it is expected that the total volume will be 100,000 instructions per day by mid-2003 and 150,000 instructions per day by mid-2004. TowerGroup predicts this will grow to 176,000 instructions per day by the middle of 2005.
Settlement member banks have put the introduction...
