ACI FXC supports the progress in the elimination of settlement risk
(Thomson Reuters ONE) -
ACI FXC supports the progress in the elimination of settlement risk
London/Paris, 29th March 2011
ACI supports the progress in the elimination of settlement risk
The ACIFXC (ACI Foreign Exchange Committee) notes with interest the 17(th) of
March 2011 announcement that the The Basel Committee on Banking Supervision
(BCBS) and the Committee on Payment and Settlement Systems (CPSS) are
establishing a joint working group to revise the BCBS's Supervisory guidance for
managing settlement risk in foreign exchange transactions (2000), with the goal
of ensuring that financial institutions adequately control their foreign
exchange settlement exposures. The working group will be chaired by Ms Jeanmarie
Davis, Senior Vice President at the Federal Reserve Bank of New York.
The ACIFXC recognises and supports the substantial progress in the elimination
of settlement risk, which has been achieved since the introduction of/through
the operation of the CLS Bank and other payment versus payment (PVP) settlement
systems. Furthermore, the ACIFXC, as an inclusive, individual membership
financial markets industry organisation, acknowledges the need for further
action by industry participants to develop services for settling FX trades that
will help to reduce remaining risks, particularly services for settling same day
and certain next day trades and trades involving additional currencies and
counterparties. The ACIFXC welcomes the re-launch of this initiative between the
central banks and regulators and looks forward to the opportunity to comment on
any revised guidance, which may be issued over the forthcoming months.
ACI The Financial Markets Association
Members of ACI are in a large part engaged within the financial trading or sales
environment in the global financial markets representing the Foreign Exchange,
Interest Rate Products and other Securities, Banknotes & Bullions, Precious
metals and Commodities and their various kinds of Derivatives. ACI is a leading,
global association of wholesales financial market professionals. ACI counts some
13,000 international members from more than 60 countries.
ACI The Financial Markets Association
8 rue du Mail
75002 Paris
T +33 1 42 97 55 39
M + 33 6 75 82 49 01
F +33 1 42 97 51 16
managingdirector(at)aciforex.org
www.aciforex.org
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Source: ACI - The Financial Markets Association via Thomson Reuters ONE
[HUG#1501227]
Datum: 29.03.2011 - 12:33 Uhr
Sprache: Deutsch
News-ID 52907
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Kategorie:
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