CME plans to corner invoice spread trading, dealers claim

Exchange would have a monopoly on packages that pair swaps with US Treasury futures

CME headquarters

CME Group has sparked outrage among dealers by discussing plans to launch invoice spread trading on its swap execution facility (Sef). Critics claim this would allow it to corner the market, after a rule tweak by the exchange in March this year effectively made it impossible to execute the trades at other venues. Invoice spreads pair up interest rate swaps with CME-listed US Treasury futures in a single package.

A source at one dealer describes the situation as "high farce"; a second says he is

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