Meanwhile, this year, Peru became the first Latin American country to open a yuan-denominated trade settlement account.

FORBES: China Readies Latin America Fund, in Yuan

This is a big failing, because clearing and settlement account for 80% of the cost of European cross-border share trading.

ECONOMIST: The jilted exchange

Also worth remembering: The settlement time for many brokerage-account transactions is three business days.

WSJ: Expecting the Unexpected When