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Cash or coins? How to tackle loss of netting? What about CBDCs? Market has a lot to decide in settlement revamp
This is the fourth in a series of articles on the future of settlement for institutional markets.
It has been more than 50 years since a small German bank collapsed partway through a Wednesday afternoon, leaving counterparties who paid Deutsche marks to Frankfurt waiting for US dollars that never reached New York. The bank – Herstatt – lives on in the name given to this kind of settlement risk, the gap between one side of a trade being paid while the other remains undelivered.
The gap has narrowed
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