BIS, ECB, BoE develop synchronised cross-border FX transactions
BIS says Project Meridian FX reduces liquidity, credit and settlement risk
A new cross-border foreign exchange initiative shows that fully synchronising two legs of an FX transaction is possible, the Bank for International Settlements has said.
The initiative, Project Meridian FX, can be used across different payment systems in different currencies, the BIS explained in a report published on April 24.
At the project’s core is a synchronous operator (SO) – an “interface designed to coordinate the simultaneous exchange of assets across payment systems”, the BIS said. This
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