FX clearing - the opportunity that never was?
It is striking that during the first four weeks of 2012, when foreign exchange markets enjoyed considerable attention in the mainstream media – thanks to the mysterious FX transactions of Kashya Hildebrand and the ambitions of UK chancellor George Osborne for London's future as a centre for offshore renminbi – one particular FX issue received little attention.
A year ago, many would have expected the story of FX clearing to have become a dominant one by now, but in reality it has so far been
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