Regulators moot public utility to tackle FX settlement risk

- By Joe Parsons
- @Joe_Parsons416
- 30 Nov 2021

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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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