Nacho Holds U.K. Branch Meeting; Submits Draft Plan To Regulators
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The North American Clearing House Organization (Nacho) held its first meeting with London branches of its member banks last week, as part of a plan to extend current bilateral netting operations there. Meanwhile, in its efforts to set up a clearing house for multilateral netting, Nacho has submitted a pre-application document to the Federal Reserve and the Bank of Canada outlining its plans.
Garrett Glass, senior vice president at First National Bank of Chicago, and chair of the Nacho bank
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