GiddyUp Posted November 14, 2018 Share Posted November 14, 2018 I'm interested to hear what the community thinks about this - competition or not? $5 Trln FX Settlement Giant CLS to Launch Blockchain-Based Netting Service ‘Within Days’ By Marie Huillet 2 hours ago https://cointelegraph.com/news/5-trln-fx-settlement-giant-cls-to-launch-blockchain-based-netting-service-within-days "Forex exchange (FX) settlement giant CLS will launch its IBM blockchain-powered netting service within “a matter of days,” according to Chief Strategy Officer (CSO) Alan Manquard. The CSO made the announcement at the IBM Think Tank conference in London Nov. 14, as reported by tech news source Computer Business Review (CBR). CLS Group, which reportedly settles on average $5 trillion in payment instructions daily, is a U.S. FX settlement service supplier with high-profile members that include Goldman Sachs, JPMorgan, Barclays, and Citigroup. A netting service entails offsetting and determining the value of multiple positions or payments that are due to be exchanged between parties, accounting for factors such as the currency volatility caused by differences in time zones. In such cases, the service is used to fix the remuneration a given party is owed." xWelfare 1 Link to comment Share on other sites More sharing options...
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