We continued that discussion at our September meeting and have a lot left to do. We plan to publicly report our conclusions during the first half of next year. One clear takeaway of the sessions so far is the importance of sustaining this historically strong 1/2  BIS central bankers' speeches  job market.
Foreign-exchange settlement risk – being the risk that originates from a situation where, in a foreign-exchange trade, one party has irrevocably paid a currency and the counterparty subsequently fails to meet its side of the deal by not delivering the other currency on time – captured the attention of regulators as a major source of systemic risk following the spectacular collapse of Bankhaus Herstatt in Germany in 1974.