Currency Clearing

The currency clearing currently processes only cheques drawn in US Dollars payable in London but could include cheques drawn in any currency, other than sterling or euro, should the need arise.

The volume of US Dollar cheques passing through the currency clearing is quite low volume (averaging around 350 per day in 2008) but with sufficient value to justify the existence of a formal clearing.

There are five settlement members and around 60 agency banks participating in the currency clearing.