CLS pilots settlement session II
NEW YORK - CLS is piloting a second session to settle the out leg of the in/out swap used by settlement members to manage funds locked in CLS, an official has confirmed.
Member banks built the process of in/out swaps to help financial institutions manage intraday liquidity by reducing payment obligations to CLS and mitigating liquidity pressures.
The swap comprises two equal and opposite FX transactions that are agreed as an intraday swap. One of the two is input to CLS, to reduce each member's
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