Beginning with the September 2003 Currency Delivery, CME will offer all firms a new foreign currency settlement option called Continuous Linked Settlement (CLS) as an alternative to the current Orders-To-Pay procedure.  This will be used for the September EuroFX and E-mini EuroFX contracts only.  CME will make the CLS settlement method available for other CME currency products that are CLS eligible at a later date.

For the full text of the Advisory

CME/Citigroup Press Release:

CME and Citigroup Announce New Streamlined Currency Delivery Process for CME Futures Contracts Via Continuous Linked Settlement