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Significant Milestones

Q2 2001 Feasibility Study
Singapore Banks conclude that a CLS utility is the best option for linking to CLS
Q3 2001 Utility Build Commences
7 Jan 2002 ‘CAPS’ formally registered
Q2 2002 Integrated Testing
Months of detailed testing to prove the infrastructure undertaken over May - September
Q3 2002 CLS Approvals
5 weeks of intensive trialing with CLS leading up to
11 December

11 Dec 2002 CAPS GO-LIVE
24 trades inaugurate the service.
Ramp up of transaction volumes takes place over Q1 and Q2 2003 as banks take more and more of their FX transactions onto CLS

30 June 2003 Cumulative Gross Currency Value crosses US$ 1 trillion
10 September 2003 SG$ and 2nd Wave Live
Transaction volumes ramp up with the inclusion of SGD as a CLS currency. Unit transaction processing costs to customers fall to levels competing favourably with the large global banks.


6 December 2004 3rd Wave Live
Cumulative Gross currency value crosses US$ 8 trillion







29 November 2006

Cumulative Gross Currency Value crosses US$ 25 trillion