ELECTRONIC TRADING PLATFORMS have quickly gained market share in bonds, forex, equities and futures. Interest rate derivative trading has proved much harder to move online. Banks and interdealer brokers have held out more successfully in interest rate derivatives than almost any other commoditized financial market against the transparency and smaller margins that would be a likely result of going electronic.
Amid the financial services industry’s initial enthusiasm for all things “e”, several electronic platforms were launched to handle interdealer swaps trading.
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