A transition to a so-called “Y-copying” - also in the Norwegian SWIFT system - should be a long-term objective.10 Foreign exchange settlement We must assume that the Norwegian payment system is also vulnerable to a fairly substantial amount of foreign exchange settlement risk. This risk arises because the parties to a trade must usually send the currency sold long before they know whether the currency they have purchased has been received. We know that the krone portion of foreign exchange turnover makes up a very large part of the turnover in the gross settlement system, and that such trades can amount to NOK 90bn kroner daily. The transition to gross settlement has thus reduced settlement risk in the Norwegian system, but at the same time this transition may not have addressed what may represent the largest risk. Norges Bank intends to identify foreign exchange settlement risk among Norwegian banks in the same way as has been done for G10 countries. Norges Bank also supports the inclusion of Norwegian kroner in the  10  Y-copying: the payer bank sends a payment order to the data centre, which first sends a settlement order to the settlement bank and then, when the settlement bank has confirmed that settlement has occurred, sends the payment order on to the payee bank. 9  BIS Review 7/2000  foreign exchange settlement system CLS.11 Ties to the CLS will be in line with international recommendations and will greatly reduce the foreign exchange settlement risk of trading in NOK. 3.2.3.
As a result, CGC is now able to undertake some new business activities such as securitisation, portfolio guarantees and collateralised loan obligations (CLOs). These are aimed at raising alternative sources of funds as well as attracting medium-term funding from the capital markets for SMEs. CGC firmly believes that these exercises are also key drivers in the Corporation's efforts towards achieving financial sustainability. The Corporation has also identified a number of strategies to help it to achieve financial independence. Of importance is the expansion in the product range that include capital  BIS Review 75/2008  1  market activities. In view of our commitment towards making CGC a financially sustainable institution, we have even gone a step further by working closely with our financial partners to ensure higher business quality. To encourage active participation, CGC introduced for the first time in 2008, a new award called the Best Financial Partner Award. The award acknowledges and recognizes the financial partner that contributed the most towards quality assets for CGC. It also recognises the financial institutions' conscientious efforts in ensuring that scarce funds are channelled to SME borrowers identified to have the capability and capacity to maintain good credit standing. The Best Financial Partner Award will be a regular feature in the years to come and we look forward to the active participation of all the financial institutions. In addition to the Best Financial Partner Award, another two awards were also introduced.