Exchanging places

Exchanges are expanding their reach into the over-the-counter derivatives market, offering a range of products and clearing services more in the realm of interdealer brokers. Joe Morgan reports


When the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT) unveiled an $8 billion merger in October, it wasn't just rival exchanges that were nervous. The prospect of the world's biggest futures exchange - valued at around $25 billion - also did not go unnoticed in the over-the-counter derivatives market. Exchanges are slowly entering the OTC space - and, in the process, are encroaching on an area that has traditionally been the preserve of interdealer brokers.


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