Breathing Space

24 Nov 2003

The sigh of relief breathed by Locals in Singapore on the signing of a new MOS agreement between SGX and CME will no doubt have been muted by the knowledge that it does not guarantee longevity for their trading floor.

Despite the best efforts of CME, significant Eurodollar volume has not yet been attracted...

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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.