Central Banking

BIS report on foreign exchange settlement risk

A new report from the BIS surveys foreign exchange settlement risk in over 100 banks and other institutions active in forex markets.

Ten years after the "Allsopp report", which led to the creation of CLS Bank, the survey shows that 55% of foreign exchange (FX) obligations are now settled using CLS, a specialised service for settling foreign exchange trades on a "payment-versus- payment" basis.

"This important accomplishment reflects the strong policy commitment, resources and efforts of major

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