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My my, what a year it's been. I'd love to share my memories of it with you, but alas, they appear to be temporarily unavailable to me, it being the morning after the FOW Christmas party. I am reliably informed by my...
“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.