A reality at last
CLS Bank started up last month, bringing continuous-linked settlement to the market at last. The initial signs are that the project is a success. By Clive Davidson
It has been a long time coming, but CLS Bank International, the new foreign exchange settlement facility designed to reduce settlement risk, finally opened for business with the general forex trading community last month. This followed a successful first stage of live operations when 39 of the bank’s shareholder members began settling through the system in September.
First mooted in 1996 in response to regulatory demands that the industry tackle the enormous counterparty risk in the
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