FX market changes and the potential impact on correspondent banking

CL3_CR5 2018-10-23T15:30:00.000Z

Conference Room 5
Colin Lambert
Managing Editor
Profit & Loss
Guy Debelle
Deputy Governor
Reserve Bank of Australia
Frederick DiCocco
Global Head of Treasury Services Product Strategy
BNY Mellon

Recently, the FX industry has been suffering from a lack of trust in how it functions. This session will explore the FX Global Code, a set of principles launched to restore the public’s good faith in FX markets and address the potential knock-on implications in other segments, such as correspondent banking. Among the principles in the Code are recommendations on how payments should be made and checked, and the need to support netting and payment-versus-payment processes whenever possible. As the correspondent banking world is itself is addressing inefficiencies and costs, can correspondent banks meet the new needs of the FX industry, or will it risk disintermediation?