ABN Amro Lands Key Role In FX Clearing for India
OPERATIONS AND STP
MUMBAI--ABN Amro may soon be settling the bulk of all foreign exchange (FX) trades in India, following a deal it announced recently with the Clearing Corp. of India (CCIL).
Starting in April, CCIL will use the Dutch bank to settle trades for its 60-plus member banks and brokers on the continuous linked settlement (CLS) service for FX. The CLS service exploits an IT infrastructure designed by IBM and managed by CLS Services in London, which also oversees CLS vendor relationships. For now, firms
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