CLS Bank International, which settles about $4.5 trillion inforeign-exchange transactions daily, received a letter from U.S.regulators including it among entities proposed for designation assystemically important, according to a person familiar with thematter.

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

Being labeled systemically important moves the so-calledfinancial market utilities closer to heightened supervision underthe Dodd-Frank Act. The designations are subject to appeal and maybe completed “as early as this summer,” said Anthony Coley, a U.S.Treasury Department spokesman.