FX Week

Echo Gets Two More Members But Committee Sends Plan Back


The European Clearing House Organization (ECHO) multilateral netting project has gained two more banks as members. Graham Duncan, the project manager, says Germany's Commerzbank and Belgium's Kreditbank joined last week, bringing the membership to 22. "We now have all three of the major German banks," says Duncan, who counts Deutsche Bank and Dresdner Bank among the project's stalwarts.

The new converts made a bright spot in what was otherwise a disappointing couple of weeks for Duncan. The E