Multinet Set To Launch Forex Netting Service


Multinet International moved one step closer to launching a multilateral foreign exchange netting clearing house earlier this month, 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 U.S.'s Federal Reserve to begin operations by the end of this year, say Multinet officials.

At its first organisational meeting, Multinet's directors elected Garrett Glass as the group's chairman-designate

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