Swapstream offers electronic butterfly spreads
Swapstream, the London-based electronic trading platform for interest rate swaps established in 2003, has launched the trading of implied butterfly spreads on its platform.
The new product, which allows clients to create their own user-defined spreads and butterflies on demand, will enable the platform to deliver the best price by automatically checking all possible combination of orders, real or implied, Swapstream said.
The Chicago Mercantile Exchange said earlier this month that it will buy Swapstream for $15 million.
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