UK Forex Banks Not Expected To Suffer From Limited Access To Target System

BANKS

The foreign exchange trading capabilities of London-based banks should not be severely disadvantaged by restrictive rules for access to the Target (Trans-European Automated Real-Time Gross Settlement Express Transfer) settlement system if the UK remains out of European Monetary Union (EMU), according executives in London interviewed by FX Week. However, most agree that the measure might raise issues on European Union rules and single market competition.

Target is designed as a payment system