Westpac Banking Corporation has issued a Letter of Intent to use Echo's (Exchange Clearing House) multilateral netting service, becoming the first Australian bank to join. "Our decision to join Echo was fundamentally a strategic decision," says Phil Coffey, global head of foreign exchange at Westpac. "Westpac is looking to address the issue of FX settlement risk as highlighted in the March 1996 BIS report. We believe that multilateral netting through Echo will enable Westpac to manage and c

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