Banks look to settle non-CLS currencies on Baton

HSBC and Wells Fargo said to be eyeing expanded use of blockchain tech to currencies not covered by CLS


HSBC and Wells Fargo are looking to take their use of blockchain technology for foreign exchange settlement to the next stage by including currencies that are not covered by CLS, FX Markets has learned.

The two banks announced late last year that they would begin using Baton Systems to conduct payment-versus-payment (PvP) settlement for the Canadian dollar, euro, sterling and US dollar, bypassing the main industry utility, CLS.

But FX Markets understands that HSBC and Wells Fargo are now

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