FX market growing, but more risky – BIS review

Reduced reliance on PvP and heightened fragmentation threaten market resilience

Settlement risk: BIS quarterly review authors recommend expanding CLS to include more EM currencies

While foreign exchange volumes have resumed their long-term growth and soared to a record high in 2019, the market has become more complex and fragmented, and more exposed to settlement risk since the creation of CLS, contributors to the Bank for International Settlements’ (BIS) latest quarterly review say.

Between 2016 and 2019, emerging market (EM) currencies grew nearly twice as fast as their G10 counterparts and now represent 23% of global FX turnover, versus 19% in 2016. But many of these

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