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Why are Tier 1 banks so afraid of direct FX counterparties? Bank of England gives first ever settlement account to non-bank firm

Today marks an absolute milestone in the method by which non-bank derivatives and settlement providers interact with the issuers of currency. Never mind the Tier 1 bank dealing desks, the central issuer of the world’s most valuable currency has just struck a direct deal with an FX provider. Ready for the future? This is what it could and should look like

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