a procedure whereby a company with multinational trade flows is able to balance its debits and credits between subsidiaries and associates leaving only the balance to be settled, thereby reducing its need to acquire foreign currency
The Lamfalussy report of 1990 to the Governors of the central banks of the Group of Ten Countries demonstrated the important systemic risk inherent in payment systems which operate on the basis of several legal types of payment netting, in particular multilateral netting.
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