First Chicago Launches GTO Forex Back Office Outsourcing Service
LONDON--First Chicago NBD has launched a foreign exchange processing outsourcing service through its Global Trading Operations (GTO) subsidiary. The service will perform all forex back office functions, including trade confirmation, settlement, profit/loss accounts, nostro accounts reconciliation, limit monitoring, reporting, query resolution and brokerage, according to GTO officials.
Alan Stark, chief executive of GTO, says First Chicago decided to launch an outsourcing service to help
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