Echo, European Multilateral Netting Group Starts Ball Rolling, Up By End Of 1991?

BANKS

A consortium of banks in Europe is developing plans for a multilateral foreign exchange netting system -- the first of its kind. The system is scheduled to become operational towards the end of next year.

The Exchange Clearing House Organization (ECHO) has sent a 190-page invitation to tender to more than 15 software houses, which will not only write the software but will specify the hardware. Bids are due at the end of this month. Once bids are in, the final business plan should be presented

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