Sea Changes Loom For Italian FX Market Banks, Corporates Eye Life Without Fixing
BANKS
Italian banking authorities are expected to finally abolish the anachronistic daily "fixing" of foreign exchange rates sometime in the next few months, according to several leading bankers in Milan. "By September or October the fixing will disappear, possibly earlier," says Giorgio Secomandi, treasurer at Banque Nationale de Paris (BNP) in Milan. This move, say bankers, will give a boost to the rather sleepy Italian forex market--chiefly by forcing corporate customers to really learn to use it.
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