Chicago Mercantile Exchange (CME) and Tullett Liberty
launched their joint venture for OTC interest rate derivatives
last Wednesday. The electronic trading and clearing system
stands as the latest attempt to create synergies between
futures exchanges and OTC markets.
The joint venture, announced in March, has attracted more
than 40 firms in North America and Europe. Through the deal,
OTC derivatives dealers can hedge positions more efficiently
through execution of daily Futures Rate Agreements (FRAs)
contracts listed by CME that are cleared at CME Clearing House.
The participating firms use an electronic trade-matching tool
for trading three-month Eurodollar futures called TLfast.
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