Banks take tighter control of liquidity management post CLS
The potential pressure on settlement members’ -- banks holding direct accounts with CLS -- liquidity management was raised by the Bank for International Settlements (BIS) in a report last December, but its effects have only recently begun to emerge (FX Week, December 23, 2002).
"Before the introduction of CLS, our management of sterling liquidity was principally occupied with Chaps [clearing house automated payment system] and Bacs obligations," said Clyde Muir, product manager for liquidity
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