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Spanish exchange Meff has approved membership applications to two Dutch trading firms.
The propriety trading firms - All Energy Trading and Flow Traders - were admitted by the board on 26 October.
Additionally, the exchange has signed an MOU with five European brokers - AFS Brokers based in Amsterdam along with London Brokers Bastion Capital London; JB Drax Honore and The Link Assets & Securities coupled with Paris-based broker Exane.
“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.