In ECC Clearing Circular 23/2018 (published on 11 June 2018), ECC informed about the planned changes of its foreign curreny settlement process.
Since end of 2018, ECC is using a network of Correspondent Banks to settle its foreign currency GBP and USD payments. ECC’s Clearing Members who settle or are planning to settle GBP and USD denominated contracts will therefore need to provide an account with at least one of the Correspondents Banks approved by ECC.
With this Clearing Circular, ECC has updated the timeline and summarized the preconditions of Clearing Members again.
For further details, ECCs Clearing Circular 23/2018 can be found on ECCs website.