The Settlement of Foreign Exchange Trades and CLS

Dominique Rambure and Alec Nacamuli

Chapter 10 in Payment Systems, 2008, pp 139-147 from Palgrave Macmillan

Abstract: Abstract As outlined in Chapter 4 (sec. 2.5) all trading operations include two steps: the actual trading over the telephone, or more commonly today computer screens, and the settlement which consists of delivering the currencies and/or securities traded and ensuring that ownership has effectively and irrevocably passed from seller to buyer on both legs. The general public is mostly aware of the trading operations through TV interviews of financial ‘experts’ captured in trading rooms, or films such as ‘Wall Street’. Much less glamorous and exciting, but nevertheless demanding exacting care to avoid fails, are the back office operations necessary to settle the trades struck by the ‘masters of the financial universe’.

Keywords: Liquidity Provider; British Bank; French Bank; Fund Liquidity; Trading Operation (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-0-230-22721-7_10

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DOI: 10.1057/9780230227217_10

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