EU entrants enjoy ‘halo’ effect

European Union member countries with low credit ratings, such as Romania and Bulgaria, will continue to benefit disproportionately from the EU halo effect, according to a report by Moody’s Investors Service.

Romania and Bulgaria, which joined at the start of this year, each have Baa credit ratings. The “halo effect” of EU membership means new EU entrants tend to see their credit ratings climb, due to the improved institutional and legal environment, which reduces financial risk.

However, the

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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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