CME teams up with Schwab

28 Jul 2003

A new deal between Chicago Mercantile Exchange (CME) and CyberTrader, a direct access brokerage subsidiary of Charles Schwab, will give 'cyber traders' direct...

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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.