First Chicago NBD Launches FX Processing Service

LONDON--First Chicago NBD has launched an FX processing outsourcing service through its Global Trading Operations (GTO) subsidiary.

The service will perform all forex back office functions, including trade confirmation, settlement, profit/loss accounts, nostro accounts reconciliation, limit monitoring, reporting, query resolution and brokerage, say GTO officials.

Alan Stark, chief executive of GTO, says the bank decided to launch an outsourcing

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