Abstract
As outlined in Chapter 4 (sec. 2.5) all trading operations include two steps: the actual trading over the telephone, or more commonly today computer screens, and the settlement which consists of delivering the currencies and/or securities traded and ensuring that ownership has effectively and irrevocably passed from seller to buyer on both legs. The general public is mostly aware of the trading operations through TV interviews of financial ‘experts’ captured in trading rooms, or films such as ‘Wall Street’. Much less glamorous and exciting, but nevertheless demanding exacting care to avoid fails, are the back office operations necessary to settle the trades struck by the ‘masters of the financial universe’.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Copyright information
© 2008 Dominique Rambure and Alec Nacamuli
About this chapter
Cite this chapter
Rambure, D., Nacamuli, A. (2008). The Settlement of Foreign Exchange Trades and CLS. In: Payment Systems. Palgrave Macmillan Studies in Banking and Financial Institutions. Palgrave Macmillan, London. https://doi.org/10.1057/9780230227217_10
Download citation
DOI: https://doi.org/10.1057/9780230227217_10
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-30055-6
Online ISBN: 978-0-230-22721-7
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)