A little-noticed recent step by a US broker could be a giant leap towards a swaps-for-all utopia dreamt up by a pair of Nobel Prize winners two decades ago.
That is the hope harboured by Interactive Brokers and Eris Exchange, whose futures replicating the cashflows of interest rate swaps became tradable via the electronic broker in January. Now all of the broker’s clients, including individual investors, have access to a swaps market that was previously the preserve of large financial
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