SPECIAL FEATURE: CLS settlement: the next five years

Since inception, the CLS global settlement system has made much progress towards the elimination of Herstatt risk (temporal settlement risk), settling 55% of FX obligations. But the system remains under pressure to adapt its structure to meet banks' evolving needs.

FX Week:

What have been the biggest developments in the FX markets since the launch of CLS five years ago?

Rob Close:

FX has achieved the status of an asset class in its own right, attracting investors looking for a non-correlated

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