CME enters OTC market

22 Mar 2004

Chicago Mercantile Exchange (CME) last week announced the exchange's first move into the OTC market with an interest rate trading and clearing deal with Tullett Liberty.

Under the deal, forward rate...

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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.