Options clearing corp. Introduces multilateral FX Netting System
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International Clearing Systems Inc., a subsidiary of Chicago-based Options Clearing Corp., has completed a real-time trade confirmation and bilateral and multilateral netting system that processes interbank foreign exchange trades.
The OCC system, which should be operational this fall, has been designed to process spot and forward contracts. Within six months of its introduction, the system will be able to handle forward rate agreements, according to Larry Recknagel, executive vice president of
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