CLS in Asia

Asian banks are increasingly taking advantage of the full capabilities of adopting CLS for their FX trading.

There has been considerable interest in CLS since its much-anticipated launch in late 2002. This is hardly surprising, as CLS provides a groundbreaking settlement mechanism that significantly reduces the settlement risk in the global FX markets, where the daily turnover in global FX transactions currently averages $2 trillion and continues to grow at an exponential rate.

By March 2004, over 120 third parties had joined the CLS system. Over 90% of these are from countries whose...

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