The Society for Worldwide Interbank Financial Telecommunications and Depository Trust & Clearing Corp. has offered to create and operate a new repository for foreign exchange derivatives, SWIFT officials confirmed on Wednesday.

The two organizations have sent a proposal to the Association of Financial Markets in Europe and the Securities Industry and Financial Markets Association which sent out requests for a repository in April; responses were due in May. A global forex committee of AFME is set to pick the winner of the bidding process next month.

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