BIS Committee Produces "Discussion Paper" Slamming Multilateral Netting: Whither ECHO?

After almost two years of waiting for the Bank for International Settlements to follow up on the Lamfalussy report on foreign exchange netting, proponents of multilateral netting have been stunned by a highly critical cover note to a "discussion document" on the subject produced by the bank's Farrant Committee. The paper, which was circulated to interested banks worldwide in the last two weeks, reflects the sometimes conflicting views of many member countries and solicits comments rather