Global forex settlement system launched

US - The $2,000bn a day foreign exchange market, the world's biggest by far, today introduces the first ever global settlement system, the result of more than five years of talks between central banks and market participants.

CLS (Continuous Linked Settlement), which has been five years in the making, provides a live link between central bank payment systems in the world's main financial centres, reducing the chance of a gridlock in the $1.2 trillion daily foreign exchange market.

CLS Bank, hea

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