U.S., Canadian Bank Groups To Merge Netting Project

Two U.S. and Canadian bank groups working separately to set up multilateral foreign exchange netting systems have agreed to join forces. The banks plan to build a single central clearing house that would serve all of North America.

The merger decision last month followed more than two years of talks between the groups, which were torn between developing a single netting system or one each for the U.S. and Canada. The U.S. group's effort was hit early last year by Citicorp's decision to withdraw