trueEX to shut swaps trading platform
Would-be disruptor will exit business on July 19, leaving swaps market in hands of incumbents
Interest rate swaps trading platform trueEX will close in less than a fortnight, according to a memo seen by Risk.net.
The platform’s exit leaves the swaps market in the hands of incumbents: broker-run platforms continue to dominate interdealer trading of interest rate swaps, while dealer-to-client trading will take place on Bloomberg and Tradeweb. Startups have failed to gain a foothold – and attempts to introduce all-to-all trading have also failed.
The trueEX memo, sent late yesterday,
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