The cost of foreign exchange

HSBC has reduced the cost of settling foreign exchange trades by a quarter through its blockchain-based system. The bank processes between 3,500 and 5,000 trades a day on its “FX Everywhere” system, settling trades worth $350 billion. In January 2019 the bank said it had processed FX trades worth $250 billion on the platform since February last year. We wonder if HSBC will be lowering the cost of foreign exchange to customers!

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