Between a rock and a hard place
CLS has eliminated settlement risk for almost 60% of all foreign exchange trades, but there's one issue that could derail its remarkable progress: how to deal with bilateral netted trades. CLS currently does not accept the payment messages from these trades - rather, it only accepts the individual trade tickets.
As the FX market develops, there is a divergence between those who want delivery of the currencies they've bought, and those that don't. The latter group expects to exchange the profit
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