BBA Publishes FX Master Terms; Effective Date To Be December 1
REGULATIONS
The International Foreign Exchange Master Agreement Terms (Ifema) will go into effect in the London market starting December 1, according to officials in London. It is the culmination of more than two years work on concepts which have been under discussion since the mid-1980s (FX Week, August 30).
The British Bankers' Association (BBA) last week published the official version of the terms, which set out a legal basis for spot and forward contracts and procedures for closing out contracts in the
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