Echo Faces Official Objections As Tokyo Banks Seek To Join
DEALING & NETTING
The European Clearing House Organisation (Echo) is facing objections from Japanese regulators which are preventing banks in Tokyo from joining the multilateral clearing house for foreign exchange netting slated for launch next month (FX Week, November 8).
Echo chief executive Graham Duncan is apparently unconcerned about the Japanese Ministry of Finance's reaction, sources say, but failed to return calls by press time. As yet no U.S. banks have signed up with Echo but Duncan is quoted in Japanese
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