Thursday November 19 2015

News Source: Global Exchanges

Focus: Trading Rules

Type: General




CLS Group (CLS), a leading provider of risk mitigation and operational services for the global foreign exchange (FX) market, has started settling payment instructions in the Hungarian forint (HUF) on behalf of its settlement members, bringing to 18 the total number of currencies eligible for settlement through CLS.

CLS is a systemically important financial market utility, whose mission is to mitigate settlement risk in the global FX market.

The Magyar Nemzeti Bank (MNB), Hungary’s central bank, sought to enhance financial stability in the Hungarian market by making its currency, the HUF, eligible for CLS settlement. Hungary recognized that a partnership with CLS would reduce settlement risk among banks trading the HUF and would strengthen the overall stability of the Hungarian financial system.

Click on the link above for further details