CBOT Ramps Up Its Hits Swaps Processing Service

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THE Chicago Board of Trade is moving its Hybrid Instrument Transaction Services (Hits) project into a second phase of beta-testing. Hits is one of several centralised deal processing services that seek to reduce systematic risks in the OTC derivatives market. Hits is being developed by the CBOT and its clearinghouse, the Board of Trade Clearing Corporation. Officials at the clearinghouse say they expect to complete the second beta phase by next April. During this phase the exchange plans to c