Bank of Canada salutes CLS
Delivering a keynote address at the FX Invest North America congress in Toronto last Tuesday (April 13), Donna Howard, chief of the financial markets department at the BoC highlighted settlement risk as the biggest risk facing the foreign exchange markets in times of crisis.
She said that, consequently, the priority for the Canadian forex market in particular is to establish same-day USD/CAD settlement in CLS - targeted for 2011 (FX Week, August 31, 2009). With 37.5% of $161 billion in average
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