CLS Bank International is gearing up to expand the range of currencies handled by its continuous linked settlement service for foreign exchange transactions following record trading levels last month.

Joseph De Feo, president and chief executive, says after the US holiday on July 4, $1.47 trillion (€1.27 trillion) in value passed through the service with a total of 176,000 settlement instructions. On average, CLS Bank handles 80,000 settlement instructions a day with a gross value of $1 trillion.