Although U.S. banks have already begun using the International Currency Options Master Market Agreement (ICOM), British banks have been holding off until the official adoption by the British Banker's Association later this summer, says Robert Blower, BBA secretary. In the U.K., banks will be obliged to switch from the London Interbank Currency Options Master terms to ICOM, while in the U.S. it is voluntary. But the changeover won't happen until August 1, says Blower.

On the standard terms for a

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