LCH-C sets later date for freight launch

01 Aug 2005

A source with close links to LCH Clearnet (LCH-C) has told FO Week that the clearinghouse has slated the launch of its forward freight agreement (FFA) contract launch for September, having originally hoped to begin clearing in July (see FO Week Vol 10 No 17).

However, the source explained that...

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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.