CLS is considering a membership category for central counterparties (CCPs) developing clearing services for FX derivatives, Risk.net reports. Under the rules governing the multi-currency cash settlement system, only banks are allowed to become direct members of the system, with 62 banks signed up as members globally.
In case CCPs were to become direct members, they will be required to either be registered as banks or to fit the criteria of an additional membership category that has not yet been defined.
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