FX clearing house fails
The facility was set up by a consortium of financial institutions, including top-tier global banks, and endorsed by the US FX Committee. Icap acted as the designated broker.
A source familiar with the operation said the facility had dwindled to a halt by Monday, as banks settled some of their exposures directly, abandoning the need for a central clearing facility. Another senior trader said that, at the time of set-up, some might have thought the size of their exposures to Lehman Brothers was
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