Citi Launches Domestic Settlement Service for Interbank Forex Trades
Citi has launched its domestic settlement service for interbank foreign exchange trades. Developed for use by central banks in developing markets, the solution is designed to reduce settlement risk by simultaneously settling both sides of foreign exchange transactions. In Colombia, the Cámara de Compensación de Divisas, established in 2007 under the risk control initiative of Colombian Central Bank, Banco de la Republica, is now using Citi’s solution to provide a simultaneous settlement process for US dollar versus Colombian peso trades for same day settlement.
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