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BoE's Fisher on E-Commerce and the FX Market

In a speech on 'E-Commerce and the FX Market - Have the Promises Been Met?' given on 19 January, Paul Fisher of the Bank of England said CLS provides a major milestone in risk reduction in the foreign exchange market, this initiative is fast becoming a market standard.

Unlike the other technology improvements, CLS has slightly increased direct transactions costs in order to significantly reduce settlement risk, Fisher said. "I have also heard that the use of CLS has quite significantly reduced

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