It is not hard to see why there is interest in using distributed ledged technology (DLT) for FX settlement. According to the 2022 Bank for International Settlements (BIS) triennial survey, the daily FX turnover subject to settlement risk was $2.2 trillion – a sum that prompted the bank’s committee on payments and market infrastructures to call for innovative proposals for addressing settlement risk.
But progress has been uneven, to say the least, with the highest profile rejection of the concept coming from the Australian Securities Exchange (ASX).
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