Top U.S. Money Center Banks Scrap Phone Confirmation On FX Deals


In a move to increase the speed of foreign exchange deal confirmations, a group of 14 of the major U.S. money center and investment banks have agreed to eliminate the duplicate effort of telephone confirmations. Instead, banks will bypass the verbal procedure, turning first to electronic confirmation messages on the Society for Worldwide Interbank Financial Telecommunication (Swift) system.

At a February 9 meeting hosted by Chemical Bank, a group of executives representing, as one bank source

To continue reading...

You need to sign in to use this feature. If you don’t have a FX Week account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: