FX Week

Echo Signs Contract With Swift For Use Of Accord, Despite Dissent

SERVICES

Exchange Clearing House Ltd. (Echo), the London-based bank consortium developing a multilateral foreign exchange netting service, has signed a development and service contract with the Society for Worldwide Interbank Financial Telecommunication (Swift) to use its Accord confirmation matching and bilateral netting service.

Echo announced its intention to use Accord as part of its system more than a year ago, but until now, no agreement had been signed. The consortium doesn't, however, appear t