The currency exchange implications of faster settlement and steps to take in response
Abstract
This paper seeks to reflect on the contributing factors to the successful market implementation of US T+1, with specific focus on the foreign exchange (FX) market. It aims to explore and equip readers with the FX and liquidity management considerations as we look ahead to the UK, European Union (EU) and Swiss adoption of the same. How might this differ from the US rollout, and might it be complacent to assume that a copy/paste approach will work this time around? The paper also looks at industry and tech innovation, and whether any seismic changes can be anticipated in time for October 2027. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.
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Author's Biography
Katie Renouf is a Senior Vice President on Mesirow’s Capital Formation and Currency Solutions team. Based in London, Katie is responsible for marketing and distributing Mesirow’s investment management capabilities to institutional investors and investment consultants across Europe, with a particular focus on currency solutions. She has 20 years’ experience, primarily in foreign exchange (FX) roles for large financial institutions. Prior to joining Mesirow, Katie was a director in FX and overlay sales at NAB, where she was responsible for developing solutions for a range of sophisticated investors, including financial sponsors and asset managers. Prior to that, she worked in senior FX roles at BNP Paribas Securities Services, Barclays and Deutsche Bank — both in London and in her hometown of Jersey, Channel Islands. Katie is a regular participant and contributor at FX industry events; recent highlights include speaking at PostTrade360 on FX market implications of US T+1.
