The new constant maturity futures exchange is looking to complete the range of interest rate products by 2017
There are few people who know what it
feels like to count-down the final days to launch a new
exchange but Hirander Misra, the chief executive of the GMEX
market set to go live on August 7, has been here before.
In 2007 Misra was the chief operating
officer of Chi-X Europe, the first pan-European multi-lateral
trading facility to emerge in response to the advent of the
European regulation reform Mifid.
Eight years on he’s at it
again, but this time it is Mifid II and it’s a new
derivatives exchange with an entirely new product.
The GMEX constant maturity future is a new
take on the established interest rate swap format that is set
to be challenged by Mifid II when that vast piece of
legislation takes effect at the start of 2017.
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