BIS Publishes 'Progress Report' On Herstatt Risk
BASLE--Industry efforts to reduce foreign exchange settlement risk have received a cautious thumbs-up from the Basle Committee of the Bank for International Settlements (BIS). A progress report released earlier this month by the BIS commends recent initiatives by central banks and the private sector, but warns that a number of individual banks still haven't made progress in tackling forex settlement risk.
The BIS's findings on individual banks are based on a survey of 63 banks based in G10
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