A Nordic niche for CLS
Continuous-linked settlement is due to go live in the Nordic region this month. John Ferry looks at how the region’s banks and central banks have put procedures in place to manage foreign exchange liquidity risk
Continuous-linked settlement (CLS) – the global system designed to reduce foreign exchange transaction risk by settling trades in real time – will be expanded to include Scandinavian currencies this month, after its original launch earlier this summer was delayed.
The Nordic banks that have signed up to CLS, along with the region’s central banks, have invested in a new liquidity management system called the Scandinavian Cash Pool (SCP) to complement CLS’s global system. The SCP, which was
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