Stealth strategies

28 Jul 2003

"Nothing but mischief" will result if the US and European Union fail to work together. So said UK Prime Minister Tony Blair in a recent speech to the US Congress. "Don't give up on Europe. Work with it," he added. The sound bites could equally be applied to the financial markets industry as European exchanges seek to expand their reach in the US.

The clock is...

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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.