The Bank for International Settlements (BIS) analysis of the foreign exchange swaps market, with a focus on CLS currencies, has been widely welcomed in the industry. As of mid-last year, outstanding FX swaps and forwards eligible for CLS settlement totaled $25 trillion, with FX swaps representing over 80% of the market. The report offers a detailed academic assessment of the crucial role played by FX swaps in the daily FX landscape.