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CAPS: 2001 – 2006

In Q2 2001, the Singapore banks established a working committee to investigate the optimal path for their migration to CLS transaction processing. Though competitors, the committee decided the banks should collaborate on achieving CLS transaction processing ability to compete better in the foreign exchange markets. The idea of a shared service utility, focusing initially on CLS transaction processing, was born.


Over the course of the next 18 months, an intensive design and build phase was undertaken, and on 11 December 2002 CAPS went live with the first wave of 11 CLS currencies. The second wave of 4 CLS currencies, including the Singapore Dollar went live over September 10 -12, 2003, with the 3rd wave of currencies going live on 6th December 2004. By the end of 2006, CAPS had processed trades with a gross currency value of over US$ 25 trillion

Over this period, CAPS working with strategic partners has been developing the capability to help customers with a resilient, cost effective service to manage critical operational risks in their processes in several areas including AML transaction monitoring, paperless confirmation matching, and treasury outsourcing amongst others.