Old dogs, new tricks

28 Apr 2003

CBoT's deal with CME prompted some interesting reactions in the industry, as evidenced by the FO Week poll on page five. The experience and perception of Chicago exchange politics seems to be the over-riding factor in the twin feelings of surprise and cynicism on display.

Some people were genuinely shocked that, after years...

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“A lot of banks have spent a lot of money calculating the cheapest way to collateralise their positions, and they’ve hired some very bright mathematicians to do it. Why would they gamble all of that by using the cheapest clearing house?”

Senior rates players believe fears of a race to the bottom among clearing houses has been overstated.