Chicago Mercantile Exchange (CME) expanded its push into the OTC market last week with the acquisition of Swapstream, a London-based electronic trading platform for interest rate swaps.
Launched in 2003, Swapstream is a neutral, interdealer platform that supports electronic trading of euro and Swiss franc denominated medium-term (1-10 year) and long-term (10-50 year) interest rate swaps. The firm, which had around 20 employees, was believed to have gained a sizeable market in the burgeoning electronic OTC swaps market, although much...