Exchanges find symbiosis with OTC markets

The listed and OTC derivatives markets are increasingly becoming convergent rather than competitive according to panellists at the recent FOW Securities and Derivatives Forum in Amsterdam.

It has become inherently difficult to measure the "argument" between OTC and exchange traded business one way or another, according to Julian Day, European policy director at International Swaps and Derivatives Association. "The relationship between the OTC and listed markets is very much a dynamic two-way flow,...