Sunday, November 27, 2011

Holy Moly! Forex Market Preps for Euro Breakup


Wall St Journal reports that companies that provide the plumbing for the $4 trillion-a-day foreign-exchange market are testing systems that could handle trading of previously shelved European currencies.

ICAP PLC, which operates the biggest system for enabling currency trades between banks, said Sunday that it is prepping electronic-trading systems for a possible exit by Greece from the euro zone and a return of the drachma, the country's previous currency.

CLS Bank International, whose platform enables banks to settle their currency trades, is running "stress tests" to prepare for a dissolution of the euro, people familiar with the matter said…

Find out more at http://online.wsj.com/article/SB10001424052970204753404577064511566509918.html

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