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

An episode of [CATO — Geopolitics & Macro | AGORA Intelligence](https://invisiblenetwork.ai/podcast/6806183644), 20 Jul 2026.

Audio: https://audio.agora-intelligence.com/en/fx-settlement-risk-moved-indoors.mp3

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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