FX Week USA: CLS expansion will be key to EM currency growth
The expansion of the currencies covered by foreign exchange settlement risk mitigation utility CLS will be crucial to boosting liquidity and participation in emerging market (EM) currencies, but it could take some time before key currencies such as the Russian ruble are added, according to speakers at the FX Week USA conference in New York this week.
Speaking in a panel discussion at the close of the event on Wednesday, Dino Kos, head of global regulatory affairs at CLS, cautioned that the
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