On This PageFebruary 2006, No. 223

Foreign Exchange Trading and Settlement: Past and Present
Last Updated: 01/17/06

Since 1989, global foreign exchange turnover (and settlements) has more than tripled, to just over $2 trillion per day. This article expands upon a January 2005 Chicago Fed Letter that described broad clearing and settlement principles, and focuses more specifically on foreign exchange settlement practices, past and present.