Settlement risk is a central friction in currency markets. We provide causal evidence on its pricing by exploiting Hungary's 2015 adoption of CLS, which introduced payment-versus-payment settlement, ...

The unprecedented U.S.-Japan intervention to support the yen may end up shaping market behavior. "When increasingly scarce national assets are spent in unison on the same target by two major ...

The world financial system is tightly linked, and in the heart of this system lies a single strong currency the US Dollar. Being a trader, investor or a simple person, who is interested in the ...

For years, Nigeria’s foreign exchange market has been shaped as much by uncertainty as by supply and demand. Importers complained about delays and documentation bottlenecks. Exporters often questioned ...