FX Settles in Real Time
IN REVIEW 1997
Operational risk had been a recurring nightmare for central bankers and global FX heads of business at the major banks because of the increasing volumes, the increasing size of trades and increasing numbers of counterparties across time zones. This is often referred to as "Herstatt risk" because of risk arising from the delivery lag between two currencies-so spectacularly demonstrated by the June 1974 bankruptcy of a large German bank, the Herstatt Bank. Herstatt declared bankruptcy at close of
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