CLS to include South Korean won
CLS Bank, which operates the continuous-linked settlement service for foreign exchange, plans to include the South Korean won as a CLS-eligible currency.
CLS works by making simultaneous payments on trades settled through the system, thereby reducing the risk that one party could default on payment. This means the addition of more CLS-eligible currencies brings more trades on to the system, and is a vital move to ensure wider protection from settlement risk throughout the industry.
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