CIMB Group Holdings is looking to promote the use of direct foreign exchange, or forex crosses, in Asia, The Wall Street Journal reports. Using direct crosses will decrease counter-party risks, said the Malaysian lender’s CEO, Lee Kwan. FX settlement can be executed and completed within the Asian time zone. Currently, execution is extended into the U.S. time zone due to the need to complete the U.S. dollar leg even when the FX trade is of Asian currencies, added Lee.
Click here for the story from The Wall Street Journal.