持续联系结算:直接会员还是第三方参与者?

CLS Live: Direct or third-party membership?

银行业推出持续联系结算以减低外汇交易市场结算风险。外汇交易机构须决定是成为持续联系结算的直接会员,还是作为第三方获取该项服务。由于前期投资较大,目前只有少数银行愿成为持续联系结算的直接会员。显然,不管以哪种方式参与,是否决定参与持续联系结算将成为外汇交易机构面临的主要问题,否则就可能落伍。

Continuous Linked Settlement (CLS) has been introduced by the banking industry to reduce settlement risks in the foreign exchange market. FX institutions must decide whether to become a direct member of CLS or to access its services as a third party. Due to the significant investment required upfront, only a few banks are willing to become direct settlement members of CLS for the status it brings. It is becoming increasingly apparent that a key issue is whether or not institutions decide to participate: those that do not may get left behind.