Netting Project Will Continue, Despite Citibank's Withdrawal
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A U.S. and Canadian bank group studying the feasibility of a North American foreign exchange clearing house will continue its efforts, despite the withdrawal of Citibank from the project. The group has retained Chicago-based Options Clearing Corp.'s International Clearing Systems Inc. (ICSI) subsidiary as consultant to the project. ICSI is studying the possibility of creating a multilateral netting system.
Before it quit the fold, Citibank was one of three prime movers spearheading the project
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