CLS committed to settlement risk mitigation under new regulations

jonathan-butterfield-cls-2009

Central settlement provider CLS Bank insists its primary purpose will continue to be the mitigation of settlement risk, despite some suggestion it might take on the role of central counterparty (CCP) for foreign exchange contracts under new regulations for over-the-counter derivatives.

"CLS's principal mission is the elimination of settlement risk from the FX market and so our primary focus has to be the continued expansion of the share of the FX market being settled," said Jonathan Butterfield

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