Bloomberg may set up futures exchange

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Bloomberg may launch a regulated exchange in the US if the Commodity Futures Trading Commission (CFTC) refuses to alter current rules that give preferential margin treatment to futures contracts that are economically equivalent to over-the-counter swaps, according to George Harrington, global head of fixed-income trading at Bloomberg. The disparity in margin regimes prompted the New York-based firm, which is planning to register as a swap execution facility (Sef) for both interest rate swaps

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