I’m not sure how much of a market remains, but CLS and the Depository Trust & Clearing Corporation (DTCC) have successfully launched a settlement service for the FX transactions generated as a result of OTC credit derivatives transactions.
The service is provided through the DTCC’s Trade Information Warehouse. In its first quarterly central settlement cycle service on December 20, 2007, the amount of trading obligations requiring financial settlement was reduced by 98%, from $14.3 billion gross to $288 million net.
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