CLS Bank International, along with its ultimate parent company CLS Group Holdings AG, is mutually owned by a consortium of major global financial institutions and international commercial banks. Established to eliminate settlement risk in the foreign exchange market, the institution operates fundamentally as an industry-owned utility created by the market for the market. Its shareholder base comprises dozens of the world's most significant financial institutions, including major global banks spanning North America, Europe, the United Kingdom, and the Asia-Pacific region. This cooperative ownership structure ensures that the system directly serves the operational risk-management needs of the institutions that rely on its multi-currency cash settlement services every single business day. Oversight of the institution is coordinated collaboratively, with the United States Federal Reserve acting as the lead overseer in cooperation with other central banks whose national currencies are successfully settled through the platform's robust risk-reduction mechanisms.