Bank-backed futures utility criticised as too ambitious

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Efforts to simplify the futures trade lifecycle should be guided by pragmatism rather than grand designs of overhauling existing workflows, a top industry executive has said.

Dealers have backed the creation of a new utility to prevent a repeat of the operational bottlenecks that crippled futures trade processing during last year’s pandemic-induced market meltdown. The project is being led by FIA Tech, a for-profit subsidiary of the Futures Industry Association, which plans to simplify the

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