Podcasts · CATO — Geopolitics & Macro | AGORA Intelligence

FX Settlement Risk Moved Indoors: 53% of Inter-Dealer Flows Settle Inside the Group

20 Jul 2026

Episode FX Settlement Risk Moved Indoors: 53% of Inter-Dealer Flows Settle Inside the Group

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BIS data show $4.9 trillion of daily inter-dealer FX settling inside banking groups, beyond PvP protection. The plumbing moved indoors.

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