Inside the FX cut-off conundrum sparking animosity between the buy-side, CLS and custodians as T+1 looms

The finger of blame are being pointed in each direction between custodians, non-US traders and settlement system CLS over FX cut-offs, with last minute decisions and confusion meaning some asset managers are now left facing operational challenges, pre-funding trades and balancing settlement security with best execution obligations.  

By Jonathan Watkins and Annabel Smith