Eight Banks Sign Legal Agreement With ICSI To Start Bilateral Netting
TECHNOLOGY
Eight banks, two from the U.S. and six from Canada, signed a legally binding agreement last week with the Options Clearing Corp.'s International Clearing Systems Inc. (ICSI) subsidiary to start a bilateral netting service. The move, officials involved in the project maintain, is the first step toward its goal of developing a multilateral netting system.
Although the agreement specifically outlines the details of the bilateral arrangement, "the general and common intent of all the parties is to
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