The Bank of England, Monetary Authority of Singapore, and Bank of Thailand Complete Trial of Synchronised FX Settlement across Different Currencies and Systems

The Bank of England, Monetary Authority of Singapore (MAS), and Bank of Thailand (BOT) have published findings from Project Meridian FX APAC, a collaboration on synchronised cross-border foreign exchange (FX) settlement. The trial demonstrated that synchronised settlement can be achieved across central bank systems with different technologies, reducing FX settlement risk and improving liquidity efficiencies. This initiative aims to support interoperability across wholesale settlement environments and address the significant portion of daily FX settlement still exposed to risk.