The Local Boards advise the Central Board on the matters remitted to them and perform the duties delegated to them, currently by a resolution of the Central Board.
As far as rand settlement in the CLS system is concerned, during 2005, an average of R83 billion worth of rand trades were settled in the CLS system on a daily basis. To settle these trades, the average daily liquidity requirement that needed to be paid into the CLS system through the SAMOS system amounted to only R6,2 billion.