Citi targets EM settlement
The plans follow the launch of the bank's domestic settlement service in Colombia late last year. Camara de Compensacion de Divisas de Colombia (CCD), the privately owned Colombian foreign exchange clearing house, went live with Citi's domestic settlement service for interbank FX trading on November 6.
The Citi service is similar to CLS, simultaneously settling both sides of trades for its members (see box, below). CCD is clearing on average around $850 million daily in T+0 FX trades for its 36
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