OCC Set To Relight Multilateral Netting Torch After Launching Bilateral Netting In January
TECHNOLOGY
The Chicago-based Options Clearing Corp. (OCC) has decided to relight the multilateral netting torch after a group of North American banks, who had worked toward that goal for several years, were crippled by the withdrawal of Bankers Trust and Morgan Guaranty in August (FX Week, August 9). OCC chairman Wayne Luthringshausen says it will launch a bilateral netting service in January and migrate to multilateral netting about a year later.
"Six Canadian banks and First Chicago have signed up to
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