Eleven banks in rates derivatives joint venture
Eleven international banks are to set up a joint venture providing price information and guaranteeing liquidity in the interest rate derivatives market.
According to a letter of intent signed by the banks, the joint venture will not include a trading function, although it will distribute pricing information and other market data to trading platforms and other intermediaries.
It will also define shared trading standards and protocols, and act as a shared pool of liquidity in the interest rate derivative market. The banks hope the project will increase the range of products on offer to their clients.
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