CLS endorses ‘in-principle’ Hong Kong and New Zealand dollars
CLS Bank, which launched continuous linked settlement (CLS), the global foreign exchange settlement system, on September 9, has said that Hong Kong and New Zealand dollars should become eligible currencies once they have satisfied CLS Bank rules.
The system, set up to eliminate settlement risk issues sparked by the collapse of German private bank Bankhaus Herstatt in 1974 that set off a chain of defaulted settlement payments, already settles trades in US dollar, euro, yen, sterling, Swiss franc, and Canadian and Australian dollars.
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