Multinet Moves Closer To Final Launch With Licence Grant

DEALING & NETTING

North America-based Multinet International moved one step closer last week to launching a multilateral foreign exchange netting clearing house when it received its charter as a New York State bank. The bank-owned group, now called Multinet International Bank, expects to receive final approval from the Federal Reserve to begin operations by the end of this year, say officials.

Multinet's directors have elected the group's chairman-designate, First Chicago NBD risk management chief Garrett Glass

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