CLS below half of FX activity

The report's author, David Sawyer, foreign exchange adviser at the market infrastructure division of the bank, pointed out that well over half of FX transactions are not yet settled through CLS. He said transactions involving non-bank financial vehicles such as investment funds and hedge funds are particularly poorly represented on the settlement system.

He cited turnover in the third quarter of 2003 that settled an average of US$700 billion through CLS, far less than half the daily turnover in

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