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Gianluca Garbi: 'My mission is to
do the best for the market' |
"This is a very personal issue for Garbi," whispers one
market observer, who does not wish to be named. "EuroMTS is his
personal fiefdom. The idea of sharing power with a clearing house
is one that he just couldn't stomach."
This is not the sort of language normally associated with clearing
- the essential but unglamorous plumbing that makes liquid markets
work. But it has recently become a more exciting issue. Put simply,
bonds that trade in a cleared environment trade better. So when the
successful electronic bond trading platform EuroMTS announced that
it was going to introduce clearing for its national markets,
brokers welcomed the news.
Few could have predicted that this simple choice would become
contentious. Now the debate seems to be pitting big bank against
small, or even, if you believe the hype, Europe against the US.
Gianluca...
