Chase Manhattan's Custody Unit Pilots Crossing Service

THIS WEEK'S LEAD STORIES

Chase Manhattan is testing the crossing services waters with a low- tech pilot for clients of its domestic custody operation, says a source at the bank.

The pilot program, of unknown duration, is limited to transactions between Chase custody clients involving domestic securities. Pending reregulation, Chase is prevented from serving non-clients as crossing network participants.

Chase has hired Allan Gresack, one of Instinet's original designers, to work with custody clients on developing a

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