Proposed Policy Statement on Privately Operated Large-Dollar Multilateral Netting Systems — 1994-07-18 [94-17330]

The Board of Governors is requesting comment on a proposal to update its policies on ``Privately Operated Large-Dollar Funds Transfer Networks'' and ``Offshore Dollar-Clearing and Netting Systems'' and integrate those policies into a single policy statement on ``Privately Operated Large-Dollar Multilateral Netting Systems.'' In general, the policy statement would apply to such arrangements as domestic, privately operated, large-dollar multilateral payment netting systems; offshore large-dollar multilateral payment netting systems; multilateral foreign exchange clearinghouses involving settlements in U.S. dollars; and multicurrency payment netting systems involving settlements in U.S. dollars. The Board is proposing to incorporate into the new policy statement minimum standards for the design and operation of privately operated large-dollar multilateral netting systems.