Echo Launches Clearing House For Multilateral Forex Netting
DEALING & NETTING
In the culmination of more than five years of work, the Exchange Clearing House (Echo) went live on Friday, August 18. The London launch, which took place as FX Week went to press, creates the world's first multilateral foreign exchange netting service, realising a long-held ambition of a number of international banks.
Echo officials say the service will help member banks reduce settlement and replacement risk for FX spot and forward contracts they settle through the clearing house by more than
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