UK DMO revisits derivatives plans

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The UK Debt Management Office (DMO) is re-examining a three-year-old plan to write long-dated interest rate options as a way of helping the residential mortgage market. Specifically, the government says it is keen to bolster the offering of long-term fixed-rate mortgages to provide investors with certainty over loan repayments. Currently, most UK mortgages are floating rate, with an initial fixed-rate period.

In 2004, David Miles, Morgan Stanley's chief UK economist and a professor at Imperia

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