A new trading platform - dubbed Project Rainbow - is being developed by a consortium of major derivatives trading houses to compete with Europe’s exchanges, according to a source at a large European bank.The consortium is said to include Barclays, Deutsche Bank, Goldman Sachs, JP Morgan, MF Global, NewEdge and UBS.
Rainbow follows the creation of Project Turquoise, another trading platform set up by a consortium of banks to provide a cheaper alternative to traditional exchanges.
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