CLS endorses ‘in-principle’ Hong Kong and New Zealand dollars

CLS Bank has already made similar ‘in-principle’ endorsements of the Danish kroner, Norwegian Krone, Swedish krona and Singapore dollar.

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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