Four Banks Start Netting FX Trades On Bilateral Basis Via Nacho System
TECHNOLOGY
Four members of the North American Clearing House Organization (Nacho)--Bank of Montreal, Canadian Imperial Bank of Commerce, First Chicago and Royal Bank of Canada--started netting their foreign exchange trades on a bilateral basis last week. The start marks an important step in the group's plan to move to multilateral netting next year.
At least two other Canadian Nacho banks are expected to go live on a bilateral basis next month, with Chase Manhattan Bank and the last Canadian bank coming on
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