CLS currency settlement system goes live
NEW YORK -- Continuous Linked Settlement (CLS) -- the long-awaited banking industry initiative to cut settlement risk in currency markets -- was due to go live on September 9 as Operational Risk went to press.
Following the go-ahead from the US Federal Reserve Board in early September, 39 of the CLS Bank International’s 66 shareholder banks are free to use the system to settle trades in seven eligible currencies.
The project falls under the Fed’s jurisdiction because CLS Bank International in New
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