Casting a wider net
EXCHANGE OPINION
Introducing other currencies into the continuous-linked settlement service (CLS) is a more urgent problem than we had previously realised. Recently, Malaysia announced it would use a regional Hong Kong-based facility for settling local FX trades. As long as CLS does not have a solution for 'out trades in out currencies', other solutions will establish themselves. Now, no matter what gets built, it will not be a better mousetrap than CLS, which is hugely efficient and effective. No matter what
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