CLS与我国商业银行外汇交易清算方式的变革

CLS and the Reform of Settlement Method for Foreign Exchange Transactions by Our Commercial Banks

CLS是近年来在全球范围内兴起的一种外汇交易清算方式。由于CLS采用针对每个交易货币轧差清算进行实际支付的新方式,所以在一定程度上解决了现行清算方式本身所固有的清算风险问题。我国商业银行引入CLS清算交易方式具有很多优越性,包括:可以减轻来自竞争对手的压力,扩大业务范围,提高资金的使用效率,使头寸管理更加准确且简化,发展新的利润增长点,有利于整合系统资源,有利于中小银行平等参与外汇市场交易等。当然,CLS系统的架构和业务集中也会在流动性管理、技术变革、软硬件水平、技术恢复能力以及系统性风险等方面产生一些新的问题,对此也应引起重视。

Continuous Linked Settlement(CLS) is a foreign exchange settlement method that has emerged in recent years around the world. As a new method that makes actual payment against position-balanced clearing of each transaction currency, it has, to some extent, solved the problem of settlement risk inherent to the current clearing scheme. There are numerous advantages for our commercial banks to adopt CLS: reduce the pressure from competitors, enlarge business scope, improve the efficiency of fund use, make position management more accurate and simpler, develop new sources of profit growth, help integrate system resources and enable small-and-medium sized banks to deal in foreign exchange market. Of course, system framework of CLS will unavoidably give rise to some new problems in liquidity management, technology reform, software and hardware competence, technical restoration capability and system risk. Attention should be paid to these problems.