A group of commercial banks, making up the Federal Reserve's Payments Risk Committee Taskforce, are proposing that central banks consider a different way of enabling them to access cross-border liquidity during the trading day.

The discussions began in earnest after 9/11. They were triggered by the formation of continuous linked settlement (CLS) that proved that the industry could adopt a new way of doing business. The immediate aftermath of 9/11 showed that the world's markets were exposed to seismic risk as the inability to move dollars affected banks in Asia and Europe.