Nacho Submits Response To BIS Farrant Report


The North American Clearing House Organization (Nacho) issued a thirty-page response to the Bank for International Settlements' (BIS) Farrant report last week, officials there confirm. Though they decline to reveal its contents, sources close to the project say the response makes some extremely specific recommendations on proper legal framework, and the treatment of bilateral and multilateral netting.

One of the biggest problems with the BIS report, some sources familiar with it say, is that it

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