Under the counter

Coded languageAs we all know, CBoT is a big proponent of its own transparency, which I think we all agree can only be a good thing in the complicated world of electronic trading. However, I am sad to say that this week I have to bring you news of an action by the exchange that significantly reduces their ability to live up to the promise. For many months, CBoT has been transparently disclosing information about counterparties to clearing members, transparently allowing them to see who has been on the other side of their business. Now - and after an awful lot of wrangling, articles in the Wall Street Journal and who knows what else - it seems that the Board of Trade has decided to close what some people have been calling a loophole (apparently just because other exchanges don't think that giving...