ECHO Members Meet, Decide To Sit On The Fence; Funding Deadline Extended, U.S. Banks Opt Out
BANKS
The February 28 deadline for current members of the European Clearing House Organization (ECHO) to put their money on the table for the multilateral netting project has come and gone without a wholly positive decision by any of the banks concerned, say project insiders. In addition, its two American member banks have opted out of the project, sources at those banks confirm.
Morgan Guaranty and Bankers Trust have both decided to withdraw from the ECHO project, sources at the two banks confirm
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