During the financial crisis of 2007–2009 the advantages of CLS became evident. For instance, CLS proved itself to be a robust infrastructure that weathered the failure of Lehman Brothers unscathed. CLS also continued to function smoothly in the face of a sharply increased volume of transactions caused by the financial turmoil. All in all, the financial crisis has made market participants conscious of counterparty risk again and emphasised the need for and benefits of PvP settlement in foreign exchange trading.