The CLS payment system consists of two companies. One is CLS Bank International, a New York-based bank authorised (under the Edge Act) as an “Edge corporation”, which is responsible for the management of the system and across whose accounts transactions are settled. CLS Bank is regulated by the Federal Reserve Bank of New York. The other company is CLS Services (organised under the law of England and Wales), which provides the operational and technical back office and IT services for CLS. Both companies are subsidiaries of CLS UK Holdings Ltd., which for its part is wholly owned by CLS Group Holdings AG, based in Switzerland. The shareholders of CLS Group Holdings AG comprise around 70 financial service providers from various countries which together are responsible for the bulk of the world’s foreign exchange trading.