HKEX cagey on commods

23 Feb 2007

Following an announcement that it plans to hire consultants to advise on the introduction of commodity futures to its market, Hong Kong Exchanges and Clearing (HKEX) is not divulging further information on its strategy.

The exchange expects...

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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.