January 2016
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6 Reads
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5 Citations
SSRN Electronic Journal
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Citations (1)
... 38 The establishment of CLS and other actions led to a substantial reduction in FX settlement risk. Kos and Levich (2016) estimate that the share of FX turnover settled by means of traditional correspondent bank arrangements declined from 85% to 13% between 1997 and 2013. 36 In late 2015, in an effort to discourage trading activity related to its daily FX reference rates, and thereby reduce the potential for manipulation, the ECB delayed their publication from 2:30 p.m. to 4:00 p.m. CET. ...
Reference:
The foreign exchange market
- Citing Article
January 2016
SSRN Electronic Journal