Australian government under fire

New Angles

The Australian government has come under heavy fire from the country’s press and opposition parties after racking up a paper loss of around A$4.85 billion ($2.57 billion) resulting from its use of Australian dollar/US dollar cross-currency swaps.

The Australian Treasury has been using cross-currency swaps since 1989 to achieve a 15% foreign currency exposure in its A$65 billion debt portfolio. However, the steady depreciation of the Australian dollar, which reached a low of A$1=US$0.4775 last

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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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