If CLS’s PVP mechanism had not existed and financial institutions had confronted foreign exchange settlement risk under the rapid undermining of confidence in the soundness of financial institutions, they would have had much more difficulty in funding U.S. dollars through the foreign exchange swap market.
Simultaneous multi-currency settlement in CLS acted as a bulwark to protect against the intensifying shock of the global financial crisis. B. Ensuring settlement of JGB transactions  A second example is that JGB transactions continued to be settled without serious problems despite the significant shock arising from the failure of Lehman Brothers Japan (LBJ).