CLS pay-outs on net long positions also take place step by step between 07:00 CET and 12:00 CET.16 pay-outs are calculated according to a complex algorithm which, among other things, prioritises currencies and settlement members with high account balances. If all instructions can be settled, then at the end of a settlement day all pay-ins will have been paid out again to the payees and CLS will have a zero balance on its central bank accounts.17