Regulators moot public utility to tackle FX settlement risk

Idea floated as battery of initiatives vie to address slowing use of PvP services

Bavaguthu Raghuram Shetty is an Indian billionaire who operated a United Arab Emirates-based currency exchange that regularly conducted spot foreign exchange trades with major dealers.

In March 2020, Barclays sent the firm its legs of $130 million worth of spot trades across a range of currencies. But the exchange never sent payment for its legs of the trades, leaving Barclays nursing a textbook settlement loss.

The bank took Shetty to court in Dubai as the exchange’s guarantor for the trades

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