New Basle Committee Examines Options For Reducing FX Settlement

The head of the payment, settlement and clearing systems division at the Bank of England, Peter Allsopp, is spearheading a new effort by the Basle-based G-10 central bank governors group to study ways of curbing settlement risk in the foreign exchange market. Allsopp is heading the steering group of the G-10 Committee on Payment and Settlement Systems run by New York Federal Reserve chief William McDonough, Bank of England officials

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