London-based swaps screen software firm bought for $15m
Chicago Mercantile Exchange (CME) expanded its push into the
OTC market last week with the acquisition of Swapstream, a
London-based electronic trading platform for interest rate
Launched in 2003, Swapstream is a neutral, interdealer
platform that supports electronic trading of euro and Swiss
franc denominated medium-term (1-10 year) and long-term (10-50
year) interest rate swaps. The firm, which had around 20
employees, was believed to have gained a sizeable market in the
burgeoning electronic OTC swaps market, although much of that
business was still being transacted by phone.
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