RIP OTC: Swap futures gaining buy-side fans

RIP OTC: Swap futures gaining buy-side fans

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“I felt like the little boy shouting the emperor had no clothes,” says Don Wilson, founder and chief executive of DRW Trading in Chicago, recalling a conversation he had with an irate congressional staffer when the Dodd-Frank Act was still in its infancy. “I asked her: ‘What do you think the difference is between a swap and a future?’, and she got really angry, calling it a stupid question, and saying everybody knows swaps are more risky. And I said: ‘With