CLS, Echo And Multinet Join Up To Tackle Settlement Risk


CLS Services, the Exchange Clearing House (Echo) and Multinet International Bank have announced plans to merge their operations. Officials from the three organizations say they plan to provide banks with an integrated service for reducing settlement risks inherent in foreign exchange transactions.

A spokesperson for London-based Echo says CLS -- also known as the Group of Twenty -- will acquire the shares of both Echo and Multinet. All three organizations are currently owned by bank consortiums

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