Glossary

1. CLS Bank Settlement Volumes

Daily settled value: Average USD $7.9 trillion per day (H1 2025), up 12% year-on-year. CLS settles across 18 major currencies for over 70 settlement members and 37,000+ third-party participants.

Peak day record: $19.1 trillion settled in a single day.

Monthly traded volume: ~$2.5 trillion/day average (October 2025), up 15.2% year-on-year.

Source: CLS Group website, Finance Magnates, The Full FX

2. CHIPS Netting Ratio

Netting ratio: 29:1 confirmed for 2024 — $1 of funding supports $29 in settled payment value.

Daily volume: $1.9 trillion in domestic and international payments per business day.

System type: Netting engine (not RTGS). Uses patented bilateral and multilateral netting algorithm.

Source: The Clearing House (theclearinghouse.org), PYMNTS

3. SWIFT ISO 20022 Migration

Coexistence end date: November 22, 2025 (confirmed). All cross-border payments now exchanged exclusively in ISO 20022 MX format using FINplus Service.

Legacy MT retirement: MT103 and MT202 formally retired as of November 22, 2025.

Caveats: Contingency processing and in-flow translation still available but chargeable from January 1, 2026. Some MT message types (MT199, MT299 for tracking) continue with no end date.

Source: SWIFT.com, BNY Mellon ISO 20022 update, JP Morgan

4. Russia's SPFS (System for Transfer of Financial Messages)

Total participants: 584 organizations as of end-2024.

Foreign participants: 177 non-residents from 24 countries (as of April 2025).

Growth: 18 non-residents from 4 countries joined in 2024 alone.

Countries include: China, Turkey, Kazakhstan, Armenia, Belarus, Kyrgyzstan, Iran, India, Cuba, UAE, and others.

OFAC warning: US Treasury's OFAC has issued alerts about SPFS usage and sanctions evasion risks.

Source: TASS, Bank of Russia, Reuters, sanctions.io

5. Visa USDC Stablecoin Settlement

Status: Launched in the United States in December 2025.

Initial partners: Cross River Bank and Lead Bank, settling in USDC over Solana blockchain.

Annualized run rate: $3.5 billion as of November 30, 2025 (global pilots running since 2023 across Latin America, Europe, Asia Pacific).

Expansion: Broader US availability planned through 2026.

Additional: Visa is a design partner for Arc, a new Layer 1 blockchain by Circle (public testnet phase).

Source: Visa press release (December 2025), CoinDesk, FinTech Magazine

6. BIS Triennial FX Survey (April 2025)

Global FX turnover: $9.6 trillion per day (net-net basis), up 28% from $7.5 trillion in April 2022.

USD share: On one side of 89.2% of all trades (up from 88.4% in 2022). Note: currencies total 200% since two currencies are involved in each trade.

Other currencies: EUR 28.9% (down from 30.6%), JPY 16.8% (unchanged), GBP 10.2% (down from 12.9%), CNY 8.5% (up), CHF 6.4% (up).

Instrument mix: FX swaps share fell to 42% (from 51%); spot rose to 31% (from 28%); forwards rose to 19% (from 15%).

Source: BIS (bis.org/statistics/rpfx25_fx.htm), BIS press release September 30, 2025

7. IMF COFER — Currency Composition of Reserves (Q3 2025)

USD share: 56.92% of allocated reserves (Q3 2025), down from 57.08% in Q2 2025.

Total reserves: $13.0 trillion (Q3 2025).

EUR share: 20.33% (Q3 2025).

CNY share: 1.93% (Q3 2025, down from 1.99%).

Methodology note: Starting Q3 2025, IMF revised COFER methodology — no longer includes unallocated component; staff impute unallocated portion for 100% coverage.

Source: IMF COFER data (data.imf.org), IMF blog (October 2025)

8. India Rupee Trade Settlement Corridors

SRVAs operational: 156 Special Rupee Vostro Accounts opened by 123 correspondent banks from 30 countries with 26 Indian banks (as of February 2025).

Total vostro balances: Rs. 134.55 billion (~$1.6 billion) as of December 2024.

Regulatory change (August 2025): RBI removed prior approval requirement for banks to open SRVAs — AD banks can now open them directly with overseas correspondents.

MoUs signed: UAE, Indonesia, Maldives for local currency trade settlement.

Source: RBI circulars, Mondaq, LEA Global

10. Fedwire Funds Service

Daily volume (2024): 836,322 transactions per day.

Daily value (2024): ~$4.51 trillion per day.

System type: Real-Time Gross Settlement (RTGS), operated by the Federal Reserve.

Operating hours: 21 hours per day (9:00 PM ET to 6:00 PM ET next day, with a 30-minute maintenance window).

Source: Federal Reserve Services (frbservices.org)