N.A. Multilateral Netting Effort Crippled As Morgan Guaranty And Bankers Trust Pull Out


The North American effort to develop a multilateral netting system for the foreign exchange market was crippled last week after two of the largest U.S. member banks, Morgan Guaranty and Bankers Trust, withdrew from the project. The decision--taken after several years of development--leaves the future of the project in question.

A spokesman at Morgan confirmed that the bank had pulled out of the project early last week. Bankers Trust followed suit several days later, a spokesman there notes.

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