LOOSE CHANGE
LOOSE CHANGE
The Exchange Clearing House (Echo) will begin accepting JPY transactions from December 13, assigning the Bank of Tokyo-Mitsubishi and Fuji Bank as its nostro agents in Japan. The inclusion of yen means that around 90 per cent of all eligible forex trades can be multilaterally netted through Echo by user banks. "Echo users can now net in 14 of our target list of 25 currencies," says Echo's chief executive Philip Lynch. "As the key currency in the Pacific Rim area, the yen should quickly bring in
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