trueEX: e-trading pioneer offering one-stop swap shop

In 1999, Sunil Hirani launched an electronic trading platform for credit derivatives, which sold for $625 million nine years later. Now he's back - and his new idea is an exchange for interest rate swaps. Peter Madigan reports


Rumours have been flying for months – first, they were due in November last year, then before the end of 2012. As those dates came and went, new ones replaced them – January, then Valentine's day. Now, informed sources are suggesting final rules on swap execution facilities (Sefs) will be published on March 1, as Risk goes to press. Having waited more than two years for the Commodity Futures Trading Commission (CFTC) to finalise the new regime, some market participants have lost patience. For

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