Echo Launches PVP In Europe For Sterling And Swiss Francs

DEALING & NETTING

The Exchange Clearing House (Echo) has received regulatory approval and now operates a payment-versus-payment (PVP) approach within the European time zone in sterling and Swiss francs, officials say, adding that this approach will be extended to other European currencies shortly.

Last March, Echo adopted a three time zone PVP approach, whereby it announced plans to implement PVP in the European time zone by the end of 1996 in order to reduce settlement risk between European currencies.

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