Echo Netting Group Seeks Australian Banks To Join For July 1994 Start
TECHNOLOGY
The European Clearing House Organization (Echo) is now planning a July 1994 launch for its multilateral clearing house for foreign exchange netting, according to chief executive Graham Duncan.
During a tour of Australia to whip up support for the network, Duncan said Echo had cost £21 million to establish funded by the initial European bank participants led by U.K. clearing banks Barclays and Midland. Its founding group of banks also include ABN Amro, Banca Nazionale del Lavoro and Banque
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