Eleven banks in rates derivatives joint venture

The banks involved are: Bank of America, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Lehman Brothers, Merrill Lynch, Morgan Stanley, Royal Bank of Scotland and UBS.

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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