CLS Group added three new direct settlement members in 2025, the most significant expansion of its membership in years: U.S. Bank National Association (September 16), ABN AMRO (May 5, returning after leaving in 2009), and Hungary's OTP Bank.
Why ABN AMRO's Return Matters
ABN AMRO was an original CLSSettlement member at the 2002 launch but transitioned to third-party participation in 2009 during post-crisis restructuring. Its return as a direct settlement member after 16 years signals that the value proposition of direct PvP (payment-versus-payment) settlement has strengthened - likely driven by rising FX volumes and increased focus on settlement risk reduction.
U.S. Bank Joins as 76th Member
U.S. Bank National Association, the fifth-largest U.S. bank, became the 76th CLSSettlement member. CLSSettlement averaged $7.9 trillion in daily settled value during H1 2025, up 12% year-over-year.
CLSNet Growth
CLSNet, which provides automated bilateral netting for 120+ currencies (including emerging market pairs not in CLSSettlement's 18 currencies), saw record growth: average daily netted value rose 28% in Q1 2025 to $178 billion, with a record month of $198 billion in March.
What This Means
Three new members in one year reverses a long period of stable-to-declining direct membership, suggesting renewed institutional commitment to mitigating FX settlement risk through PvP mechanisms - consistent with the BIS CPMI's ongoing push to expand PvP coverage.
Sources: CLS Group, CLS Group - ABN AMRO