Italy’s use of derivatives for EMU access under scrutiny

The Italian government’s use of swaps in the run-up to European economic and monetary union (EMU) has caused an international debate about the regulation of derivatives. Along with a number of other European governments – including those of Sweden, France and Ireland – the Italian government has been using over-the-counter swaps since the early 1990s, principally to hedge its foreign currency risks.

But the issue of how to regulate this use of derivatives has been brought sharply into focus by

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Stemming the tide of rising FX settlement risk

As the trading of emerging markets currencies gathers pace and broader uncertainty sweeps across financial markets, CLS is exploring alternative services designed to mitigate settlement risk for the FX market

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