search query: @author Murphy, P. / total: 25
reference: 13 / 25
| Author: | Murphy, P. |
| Title: | Foreign Exchange Netting Slow off the starting-block |
| Journal: | Banker
1988 : JUNE, VOL. 138-748, p. 47 |
| Index terms: | FOREIGN EXCHANGE BANKING PAYMENT SYSTEMS |
| Language: | eng |
| Abstract: | Review of the use of netting by banks in settling payment for transactions, related to rise in the volume of foreign-exchange trading. Meeting of 23 banks in London to assess the concept in 1984. Views of advocates of netting. How netting by novation replaces each foreign-exchange contract by updating and one single payment obligation at settlement. Need for a legal base and actual system. The FXNET system format and SWIFT standard. 15 London banks now use netting by novation and those absent. Praise for the system. |
SCIMA