Standardised OTC swaps to launch within weeks

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Within weeks, fixed-income market participants will be able to trade a new, exchange-traded version of the over-the-counter interest rate swap, with eight tenors, standard coupons and quarterly maturity dates like those used in the futures market. Some of those involved in the work see it as a way of defending the OTC market against the threat posed by swap futures.

Buy-side firms including Pimco, BlackRock, Goldman Sachs Asset Management and Eaton Vance have been meeting during the past 12 mont

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