FXNET, OCC Both Target Foreign Exchange Netting
THIS WEEK'S LEAD STORIES
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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