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February 2006, No. 223
Last Updated: 01/17/2006

Foreign Exchange Trading and Settlement: Past and Present

John W. McPartland

Since 1989, global foreign exchange turnover (and settlements) has more than tripled, to just over $2 trillion per day. This article expands upon a January 2005 Chicago Fed Letter that described broad clearing and settlement principles, and focuses more specifically on foreign exchange settlement practices, past and present.