3.8.9连续联动结算 Continuous linked settlement (CLS)
CLS是由多家银行拥有和运营的机构，这些银行从事大型多币种银行间结算，用于扎差其他CLS参与者的资金，特别是日内（当天）外汇交易。
CLS is the name of an institution owned and operated by banks engaged in large multi‑currency inter‑bank settlements of money owed to other CLS participants, particularly for intra‑day (same‑day) foreign exchange transactions.
银行参与者的好处是-The benefits to bank participants are:
1.消除结算风险 – 一家银行欠另一家银行不支付的风险
elimination of settlement risk – the risk that one bank owing money to another does not pay;
2.成本效益
cost‑efficiency;
3.易于管理银行部门，该部门对已付款和到期付款。
ease of management for the department of the bank that reconciles payments made and due.
在全球金融危机最严重的时候，一些金融市场（如短期银行存款和借贷市场）”冻结”。然而，外汇市场继续运作。正是CLS程序提供的保证确保了信心，因此流动性继续可用。
At the height of the global financial crisis, some financial markets (such as the short‑term inte ‑bank deposit and borrowing markets) ‘froze’. However, the foreign exchange markets continued to function. Many commentators believe that it was the guarantee afforded by the CLS process that ensured confidence, and hence liquidity continued to be available.
CLS的使用减少了银行nostro/vostro账户关系的数量。
The use of CLS has reduced the number of bank nostro/vostro account relationships.
EXAMPLE
CLS 对 nostro/vostro 帐户的影响CLS
-impact on nostro/vostro accounts
英国银行可能会定期将客户发起的资金转移发送给在几家不同的美国银行的多个受益人。在CLS之前，UK Bank plc将需要与每家美国银行建立nostro/vostro关系，否则将面临美国境内资金内部转移的延迟。现在，英国银行只需要一个nostro账户。英国银行将使用此Nostro账户对CLS履行其向美国受益人转移资金的义务。CLS将把资金转移到美国银行，前提是UK Bank plc有足够的美元余额来履行这些义务。
UK Bank plc may regularly send customer‑initiated transfers of funds to several beneficiaries who bank at several different US banks. Prior to CLS, UK Bank plc would have needed nostro/vostro relationships with each US bank, the alternative being to face delays in the internal transfer of the funds within the USA. Now, UK Bank plc needs only one nostro account. UK Bank plc will use this nostro account to meet its obligations to CLS as regards the transfers of funds to US beneficiaries. It is CLS that will transfer the funds to the US banks, provided that UK Bank plc has sufficient balances in US dollars with CLS to meet these obligations.