Morgan Stanley And UBS Canada Join Nacho Bilateral Netting System

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Morgan Stanley in New York and Union Bank of Switzerland (Canada) have joined the bilateral FX netting facility now being offered by the North American Clearing House Organization (Nacho). The banks have agreed to subscribe to Nacho's Valunet System, which was developed and is managed by International Clearing Systems Inc. (Icsi) in Chicago.

The addition of Morgan and UBS brings the number of Nacho member institutions to ten. In Canada, Bank of Montreal, Bank of Nova Scotia, Canadian Imperial

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