Key Supervisory and Regulatory Initiatives PAYMENT AND SETTLEMENT SYSTEMS Continuous Linked Settlement System SGD was included as a settlement currency in the Continuous Linked Settlement (CLS) system in September 2003. CLS is a simultaneous global multi-currency settlement system, designed to eliminate foreign exchange (FX) settlement risk. The values and volume of SGD FX settlement through CLS grew in 2004 (See Chart 1). CLS settled on average about 800 SGD FX trades a day with a gross value of more than S$14.8 billion. Average daily payment was S$1.6 billion. This represented a netting effect of about 89% from the total gross values of the SGD trades settled through CLS.