Three could be a crowd for Australian OTC clearing market

Sydney home to world's fourth largest IRS market but market players are asking whether that is large enough to sustain three CCPs


Followers of the Pythagorean school viewed three as the first real number, with the ancient Greek mathematician claiming that Apollo gave oracles from a tripod and preached libation three times.

But the number three is relevant to derivatives users in a different context. Goldilocks famously tried three beds until she found one that was "just right" – and the news that CME has become the third player to gain an Australia clearing licence means clients now have a choice of three separate clearing

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