Dealers back CLS plans for EM settlement system
12 banks announce support for project to extend PvP protection to certain CLS-ineligible currencies
CLS’s plans for a second-tier settlement system for emerging market (EM) currencies has taken another step forward, with the utility securing the backing of 12 global banks for the proposed service.
Dealers including Bank of America, BNP Paribas, Citigroup, Deutsche Bank, JP Morgan, NatWest Markets and UBS have announced their support for the project, which aims to provide a stripped-back payment-versus-payment (PvP) settlement process for EM currencies.
CLS currently supports PvP settlement
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