CLS impact ‘neutral’ for RTGS systems

CLS settlement members’ ability to fund their gross obligations on a net basis was expected to reduce settlement flows in CLS currencies and improve liquidity. Conversely, although the potential benefits of CLS were widely recognised, market participants feared the need to make payments on a strict timetable would complicate treasurers’ intra-day cash management.

However, according to the BoE report, released on September 26, neither effect has been observable in the majority of currencies on

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