FX market changes and the potential impact on correspondent banking
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?