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Equity index contracts were the best performing major asset class at Eurex in July, with a year-on-year fall of 27% to 65m. That was better than the overall decline of 31% on an average daily basis, to 5.4m...
“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.