Den Danske Bank Joins Echo As Banks Digest BIS Report
DEALING & NETTING
Den Danske Bank, Denmark's largest bank, has decided to join the Exchange Clearing House (Echo) and use its service for multilateral net settlement of interbank foreign exchange.
Den Danske made the announcement in the same week as the Bank for International Settlements (BIS) released its report on foreign exchange settlement risk (FXW, April 2). The BIS surprised some bankers by advocating private sector initiatives rather than coming up with public sector solutions to settlement risk.
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