An architecture for new instruments


New, complex instruments keep emerging in today’s markets, and because they can offer big profits, banks want to be in there trading them as soon as possible. But in the current world where trading tends to operate in silos, introducing new instruments is complicated, costly and fraught with operational risk, especially if they span multiple asset classes.

Take credit derivatives – two years ago it was a small specialised market; today it’s huge, with investors of all kinds buying into it an

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