A buy-side swaps order book – with a difference

euro-swaps-market-tries-exchange-style-trading — Clients can trade with dealers – or each other – in new Trad-X Clob; dealers can only trade with customers

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The euro swaps market is beginning an experiment with exchange-style trading, after the first of 20 clients signed up to a new central limit order book (Clob) offered by interdealer broker, Tradition.

Clobs are widely used by dealers to trade with each other, but have yet to take off among clients, which almost exclusively use the request-for-quote (RFQ) protocol that mirrors traditional phone-based swaps trading. Tradition is hoping a tweak to the usual Clob format – barring dealers from

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