Chemical Bank Signs 40 Deals In U.K. To Eliminate Phone FX Confirmations

TECHNOLOGY

Chemical Bank has signed 40 agreements with counterparties in the U.K. to eliminate telephone foreign exchange confirmation of London deals, according to sources.

In what is seen as an extension of moves in the U.S. toward bilateral netting, other sources say that a total of 56 institutions are using similar agreements in the U.K., up from 20 a year ago.

The progress is partly due to encouragement from the Bank of England, which published guidelines on the process in a 'Grey Book' in May 1992, but

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