Deutsche Bank Drops Out Of ECHO More To Come As Banks Mull Plan?

TECHNOLOGY

In a blow to the European Clearing House Organization (ECHO), a spokesman for Deutsche Bank confirms that the bank has decided not to go forward in funding the group's ambitious project to set up a multilateral forex netting system. The 19 banks which have been participating in the project thus far have been asked to decide whether to come up with £20.6 million among them to fund its development by February 28.

Presuming that Morgan Guaranty Trust also withdraws (FX Week, January 31),

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