Various foreign exchange market participants still prefer the conventional settlement channels owing, for example, to insufficient business volume. Moreover, it is not yet possible to settle all foreign exchange market operations (e.g. the out legs of in/out swaps) via CLS. Against this background, CLS’s current market share of around 50% of all international foreign exchange transactions may be seen as a success. 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.