New Basle Committee Examines Options For Reducing FX Settlement

REGULATIONS

The head of the payment, settlement and clearing systems division at the Bank of England, Peter Allsopp, is spearheading a new effort by the the Basle-based G-10 central bank governors group to study ways of curbing settlement risk in the foreign exchange market. Allsopp is heading the steering group of the G-10 Committee on Payment and Settlement Systems run by New York Federal Reserve chief William McDonough, Bank of England officials say.

The Allsopp group is surveying market participants