FXNET, OCC Both Target Foreign Exchange Netting

- WatersTechnology Staff
- 29 Feb 1988

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FXNET, a limited partnership of 12 international banks, and the Options Clearing Corp. are vying to provide automated netting facilities to the $200 billion-a-day foreign exchange market.

In London, where FXNET has been operating for more than a year, 10 banks are netting on a bilateral basis. Seven banks have established a user group in New York and the system is expected to go live in the fourth quarter.

In January, the OCC of Chicago began a multilateral netting pilot in Toronto involving four

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