Elimination Of A Major Op Risk In Currency Markets Looms

Settlement risk, which has haunted world’s currency markets since the Bankhaus Herstatt failure of 1974, is about to be tamed, says CLS Services’ Alastair Mirrlees

The virtual elimination of a major operational risk in currency markets -- namely, the settlement risk inherent in the two days on average that it takes to settle a foreign exchange trade -- is imminent.

A continuous linked settlement (CLS) service enabling simultaneous settlement of multi-currency payment instructions will be tested

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