Exchanges in vogue?

Introduction

Derivatives exchanges, especially in the US, gained a poor reputation in recent years, as their pit-versus-screen debates and wrangling over demutualisation caused many of them to take their eyes off the product ball. The listed markets were seen as moribund, compared with the dynamic over-the-counter markets. But that was never really the case, and it has becom e clear in the past year that the listed markets are often at the cutting edge of product development and risk management.

The new B

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