CLS merger: CLS Services, Echo and Multinet officially merged on January 7, according to officials. The merger was announced in September last year (RMO, October 6, 1997). The combined entity will offer multilateral foreign exchange netting services from Echo and Multinet, together with continuous linked settlement for forex deals. Both services are designed to reduce settlement risks inherent in interbank currency trading.

Tamesis launch: Summit Financial Systems, the former London distribution

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