CLS system definition

CLS system means the system for settling payment obligations and entitlements arising from foreign exchange and other transactions, operated by CLS Bank International;

CLS system means all functions performed by CLS Bank in respect of any transactions, in accordance with the CLS Bank Documents;

CLS system means the computer hardware and software system used by CLS Bank to deliver the CLS Service, which system links up with the Clearing House Computer.

Examples of CLS system in a sentence

• All trades that pass validation check shall be forwarded by the Settlement Bank to the CLS system.

• The payment channel will be the one used for the payment of the net position.Example: for a payment in euro sent to the CLS system (interbank credit transfer), the payment channel might be TARGET.An annual survey may be conducted to estimate the netting activity, particularly on CLS.REJECTED AND RETURNED TRANSACTIONS.

• Of the six designated systems, the CLS system is the only one in which the HKMA does not have any interest.

• The Exchange’s currency futures Rules provide for the use of the CLS system in the physical delivery process for most currency futures contracts (including the USDX and most currency pair contracts).

• The CLS system is subject to the supervision of the U.S. Federal Reserve and is exempted under section 11 of the CSSO from the HKMA’s oversight.

• The CLS system provides significant operational efficiencies in currency deliveries generally, and allows for a single, comprehensive set of procedures and deadlines in a three-day delivery process for those futures contracts for which both currencies are supported by CLS.

• The CLS system does not support a small number of currencies included in the Exchange’s currency pair futures contracts.

• The Federal Re- serve of New York is the lead overseer that coordinates oversight of the CLS system.

• Shall have socket fusion ends for easily connecting to the 5/8-inch polyethylene tubing or incorporated within the mechanical tapping tee.

• One such operational efficiency, is that a bank holiday on Day 2 of the CLS delivery process will not impact CLS processing of delivery instructions and therefore will not impact the determination of the last trading day for the futures contracts that use the CLS system.

More Definitions of CLS system

CLS system means the system for settling payment obligations and entitlements arising from foreign exchange and other transactions, operated by CLS Bank International; “Clearing House” means the Clearing House established pursuant to section 59 of the Banking Act (Cap. 19); “computer output” shall have the same meaning as ascribed to it under the Evidence Act (Cap. 97); “Current Account” means a current account that a participant shall open with MAS for maintaining cash balances; “Custody Cash Account” means a Singapore dollar account opened and maintained by MAS for a participant, in accordance with the “Terms and Conditions Governing the Operation of the Custody Cash Account of the Specified Institution”; “digital signature” means a cryptographic process by which a SWIFT message is signed with the sender's private signature key so that the recipient of the message with the corresponding public key can accurately determine that the message: originated from the sender and has not been altered since it was signed;

CLS system means the system for settling payment obligations and entitlements arising from foreign exchange and other transactions, operated by CLS Bank International, an institution which is approved by MAS pursuant to section 29A of the MAS Act and having its registered or principal place of business at 32 Old Slip, 00xx xxxxx, Xxx Xxxx, Xxx Xxxx, 00000, Xxxxxx Xxxxxx of America; “computer output” shall have the same meaning as ascribed to it under the Evidence Act (Cap. 97);

CLS system means the system for settling payment obligations and entitlements arising from foreign exchange and other transactions, operated by CLS Bank International; “Clearing House” means the Clearing House established pursuant to section 59 of the Banking Act (Cap. 19); “computer output” shall have the same meaning as ascribed to it under the Evidence Act (Cap. 97); “Current Account” means a current account that a participant shall open with MAS for maintaining cash balances; “Custody Cash Account” means a Singapore dollar account opened and maintained by MAS for a participant, in accordance with the “Terms and Conditions Governing the Operation of the Custody Cash Account of the Specified Institution”;

CLS system means the computer hardware and software system used by CLS Services Ltd, on behalf of CLS Bank or its members, as the case may be, to deliver the CLS Service, which system links up with the Clearing House Computer.

CLS system means the hardware and software system used … to deliver the [CLS Bank settlementSettlement] service…

CLS system means the computer hardware and software system used by CLS Services, on behalf of CLS Bank or the Settlement Members, as the case may be, to deliver the services described in the CLS Bank Documents.