In this section of our interest rates special Galen Stops looks at how new entrants to the market are looking to compete with the incumbent exchanges in Europe.
a year that when volumes were down on all the major Western
exchanges, 1.2bn interest rate contracts were still traded on
exchanges in the US with just under 1bn traded in Europe. The
interest market has long been a lucrative one for the few
exchanges that have cornered the market and launched successful
But Nasdaq put the proverbial
cat amongst the pigeons last year when it announced that it
would be launching NLX, a multilateral trading facility that
would trade both short-term and long-term interest rate
products and clear at LCH.Clearnet.
More recently the CME has thrown
its hat in the ring with the build out of its new European
exchange, CME Europe, which will launch with a suite of FX
contracts but is expected to move into interest rates shortly
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