Over the last 12 months the global phenomenon of historically low rates has permeated into Asia with central banks in the booming economies of Australia and China succumbing to the prospect of lower growth and accordingly lowering rates.
Regulation is also impacting the rates business. With the Basel III credit value adjustment (CVA) capital charge coming into effect from January 2013 and some European dealers re-examining their trading book, a retrenchment to home markets has meant that fewer
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