BME has obtained approval from the Bank of Spain to implement an innovative system for settling foreign exchange transactions in a payment versus payment (FXS) mode. This new system offers numerous advantages over bilateral settlement and is designed to improve efficiency and reduce the risks associated with foreign exchange transactions.The FXS system will be available to any financial institution in the European Union and Switzerland. “We are very pleased to announce this new system, which stems from our constant commitment to listening to our clients and addressing their needs. We are convinced that our neutral position as an operator of financial markets and the robustness of our technical infrastructure will allow us to offer a high-quality and highly available system to participants. The implementation of the FXS system represents an important step towards greater efficiency and security in foreign exchange transactions in Europe,” explains José Manuel Ortiz, Head Securities Services at BME.
