CLS Said to Receive Systemic Label

Bank, which settles FX transactions, joins other clearinghouses in receiving designation from U.S. regulators.

CLS Bank International, which settles about $4.5 trillion in foreign-exchange transactions daily, received a letter from U.S. regulators including it among entities proposed for designation as systemically important, according to a person familiar with the matter.

The London-based bank, which settles transactions in 17 currencies, joins clearinghouses owned by CME Group Inc.; Intercontinental Exchange Inc.; OCC, formerly the Options Clearing Corp.; and the Depository Trust and Clearing Corp. in receiving the designation from the Financial Stability Oversight Council. CLS’s inclusion was confirmed by the person, who requested anonymity because the decisions haven’t been publicly disclosed.

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