Banks sign up for pre-settlement netting

The solution is being developed to manage back-office capacity constraints at major dealers amid surging ticket volumes from programme traders. Called NetLink Dealer, the solution is set to challenge the existing model of settlement system CLS, which requires banks to settle trades over the system on a gross basis.

"The market clearly needs to rethink the way FX trades are being processed. There is massive growth in the number of tickets, which puts huge capacity constraints on the banks,"

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