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This session on foreign exchange markets covers FX settlements, networks, continuous link systems, bi foreign exchange reserves, structured products, FX fixes, and FX ringing. Every FX transaction involves funds transfer between two nations, requiring payment and settlement systems of both countries. National payment and settlement systems are crucial for daily FX market operations. Two types of settlements include cross settlement for individual transactions with one debit and credit, and net settlement for all transactions within netting criteria to settle as one amount with one debit and credit per currency.