Foreign Exchange Settlement Practices in Australia December 1997

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Contents

• Executive Summary
• Introduction
• Methodology
• Settlement Practices in the Australian Foreign Exchange Market
• Settlement Risk on Australian Dollar Transactions
• Risk Management Practices
• Next Steps and Conclusions

Annexes

• Annex A – List of Survey Respondents
• Annex B – Sample Questionnaire
• Annex C – Currency Data
• Annex D – Hours at Risk Per Currency Pairing
• Annex E – Glossary

The research for this report was undertaken by Bernie Egan, Jeff Grow, Nathan Hale and Karen Cole from the Bank's Financial System Department.

The contents of this publication shall not be reproduced, sold or distributed without the prior consent of the Reserve Bank of Australia.

ISBN 0 642 28397 4