Swift Officials Say Price Cuts Will Be Helpful For FX Trading

TECHNOLOGY

The recently announced cut in prices by the Society for Worldwide Interbank Financial Telecommunications (Swift) will represent a substantial savings for banks involved in the foreign exchange market, particularly for transmitting confirmation and payments messages within one country, say Swift officials.

Under the new pricing scheme, message prices have been cut about 20 percent while members will receive a 20 percent rebate on their 1993 bills, allocated according to traffic volume. Barry M

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