A matter of principle

02 Jun 2003

The debate over whether for-profit exchanges should continue to hold self regulatory status is yet another illustration of the increasing friction between exchanges and firms. In a world where the exchanges are no longer run as utilities, and every part of the value chain is feeling the squeeze from somewhere or other, firms...

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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.