The Emerging Markets Traders Association and the International...

The Emerging Markets Traders Association and the International Securities Clearing Corp. signed an agreement to develop a clearing corporation for trading in emerging markets debt instruments. The firm will begin operations in mid-1997. The EMCC initially will provide clearing for U.S. dollar-denominated Brady bonds. Subsequent instruments are likely to include non-U.S. dollar Brady bonds as well as emerging markets Eurobonds, loans and local market instruments and options.