The shekel will finally become fully convertible in international currency markets this week and will be traded by major commercial banks along with 16 other world currencies following approval by CLS Bank International in New York. "The inclusion of the Israeli shekel as a settlement currency in CLS [Continuous Linked Settlement] is a significant further step in Israel's increasing integration into the global economy," Bank of Israel Governor Stanley Fischer has said. "By reducing settlement risk in FX transactions, vital to Israel's open economy, it reinforces the stability and efficiency of Israel's banks and financial system, and benefits the entire economy. "We are pleased that the ongoing reform of the payments system undertaken by the Bank of Israel, including the introduction of an RTGS [Real-Time Gross Settlement] system and adoption of a modern-payments-system law, along with the bank's close cooperation with CLS Bank, the new Israeli members of the CLS service and others has made this possible." CLS, the international clearinghouse for inter-currency transactions, is to announce Monday that the shekel and the Mexican peso will from this week join the existing 15 CLS Bank eligible currencies: the Australian dollar, Canadian dollar, Danish krone, euro, Hong Kong dollar, Japanese yen, Korean won, New Zealand dollar, Norwegian krone, Singapore dollar, South African rand, Swedish krona, Swiss franc, UK pound sterling, and US dollar. CLS Bank settles an average daily volume of more than 500,000 instructions with a gross value of $4 trillion. CLS Bank currently provides settlement service to over 2,500 participants. Of these, 61 are CLS Bank Members, including two new Israeli members, Bank Hapoalim and Bank Leumi.