Settlement settled?


Last year was the biggest test yet for the foreign exchange settlement system known as CLS Bank, an industry-wide private initiative launched in 2002 that works to remove settlement risk in forex deals. Since it launched, CLS Bank has seen a steady rise in the number of trades it handles, and today settles the majority of interbank foreign exchange deals. This proved to be a major boon when Lehman Brothers collapsed on September 15 and traders across the world simultaneously scrambled to unwind