Dealers back CLS plans for EM settlement system

12 banks announce support for project to extend PvP protection to certain CLS-ineligible currencies

Global currencies

CLS’s plans for a second-tier settlement system for emerging market (EM) currencies has taken another step forward, with the utility securing the backing of 12 global banks for the proposed service.

Dealers including Bank of America, BNP Paribas, Citigroup, Deutsche Bank, JP Morgan, NatWest Markets and UBS have announced their support for the project, which aims to provide a stripped-back payment-versus-payment (PvP) settlement process for EM currencies.

CLS currently supports PvP settlement

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