Some banks don think forex market is ready to go blockchain – Bitcoints

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Published on August 3rd, 2018 | by bitcoin

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Some banks don think forex market is ready to go blockchain

As it turns out, large financial institutions are not quite ready to hand over their data to a blockchain-powered system.
Brief introduction to forex and CLS system Forex is a worldwide market where convertible currencies are traded and their conversion rates are determined.
Given the fact that forex relies on over-the-counter type deals, larger participating players — i.e., international banks — strive to mitigate the settlement risk associated with their forex transactions.
At the time, CLS Netting would reportedly allow participants to submit forex instructions for six products and 24 currencies.
As we talked to banks, we found they are investing in blockchain, but they aren’t taking the risk to actually use it.

Source: Cointelegraph.com

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