The leaders of a much-anticipated and immensely complicated effort to build a global foreign exchange settlement system are considering whether its launch date needs to be put off a third time.

The project, Continuous Linked Settlement, aims to reduce banks’ risk of executing global foreign exchange transactions by settling both sides of such transactions simultaneously. The effort would eliminate exposures — heightened when FX transactions occur over different time zones — that can amount to billions of dollars between large counterparties when there is a gap in time between when currencies are bought and sold.

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