Echo Gets Off To Smooth Start Amid Positive Market Reaction

DEALING & NETTING

The Exchange Clearing House Organisation (Echo), the multilateral FX netting clearing house that launched on August 18 (FXW, August 21), has completed its first few days of operation smoothly, says managing director Graham Duncan. Market reaction has so far been positive, although some observers have private reservations about the organisation's future.

According to Duncan, the participating banks are being "phased in" in "lumps". For the first month, only five banks are putting in deals: Ba