The listed and OTC derivatives markets are increasingly
becoming convergent rather than competitive according to
panellists at the recent FOW Securities and Derivatives Forum
It has become inherently difficult to measure the "argument"
between OTC and exchange traded business one way or another,
according to Julian Day, European policy director at
International Swaps and Derivatives Association. "The
relationship between the OTC and listed markets is very much a
dynamic two-way flow, which is difficult to assess," he said,
adding that OTC stimulates a lot of activity in the exchange
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