In-depth introduction: Interest rate swaps


On September 18, CME Group launched an interest rate swap futures contract for the second time – 10 years after its first attempt. The original product never took off, so what’s different this time? Well, everything. Back in 2002, the CME’s pitch to potential users was that the contract would help them fine-tune their interest rate hedges. Today, the product brochure highlights the black, regulatory cloud hanging above the over-the-counter market as a result of new clearing,