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Monday, February 22, 1999

ABN Amro selected as clearing bank 

 
ABN Amro Bank NV, the Netherlands-based bank has been selected as the only clearing bank for East India Cotton Association (EICA) members. Being a bank, it is also an institutional member (IM); the first on the EICA, and second in India's comex (the first being at the Coffee Futures Exchange of India (COFFEI), Bangalore.

ABN Amro Inc is a member of most of the major futures and options exchanges, an active broker in all major futures and options market and a leading broker in many of these. Its customers include institutional traders, pension and mutual fund managers, professional trading advisors and commercial commodity users. It ranks among the most active brokers in major US agricultural futures and options and is a leading broker in soft commodities, and coffee in particular.

Being clearing member of the EICA, it will act as latter's agent to process the funds flow for margin collection, settlement and auction; start with semi-automated processing using floppy coupled with upload and later onimplement fully automated processing through a specialised software Bankstation. As institutional member, the bank will allow the trading members (TMs) enrolled with it to participate in ICC trading; manage funds flow between the trading members and the exchange; to structure products to make financial support available to TMs; explore possibilities of TMs accessing international exchanges through ABN Amro Futures, Inc.

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.


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