CCPs should become direct members of CLS, poll suggests

Jeremy Hill: settlement question is "the main point outstanding"

Central counterparties (CCPs) clearing foreign exchange products should become direct members of CLS Bank in order to mitigate settlement risk, according to the majority of respondents to an FX Week industry poll that closed today.

Over the past two months, FX Week readers have been asked whether the nascent CCPs should revert to bilateral settlement, connect to CLS through a direct member, or become direct members of CLS themselves – a question banks and CCPs have been considering for several

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