London Stock Exchange Group (LSEG) announced the launch of its new venture CurveGlobal, which was initiated with the help of major dealer banks, such as JPMorgan, Goldman Sachs and Societe Generale.
During its first phase, CurveGlobal will offer trading in Short Term Interest Rate (STIR) futures in Euribor and Short Sterling and Long Term Interest Rate (LTIR) futures in Bund, Bobl, Schatz and Gilts.
CurveGlobal will not charge for market data. Also, it will give access to a single default fund across OTS and listed trades via LCH.
Investors will be able to use LCH's portfolio margining tool, Spider, in order to generate margin offsets against a deep pool of derivatives open interest.
CurveGlobal was supported by major banks, such as Bank of America Merrill Lynch, Barclays, BNP Paribas, Citi, Goldman Sachs, J.P. Morgan and Societe Generale, together with the Chicago Board Options Exchange.
Andy Ross, CEO of CurveGlobal said in a statement that CurveGlobal will announce new contracts and products in the near future.
"From launch today, we start with a proven exchange and clearing architecture, as well as access to a deep pool of open risk, totalling over $100 billion in initial margin," he said.
James talks about his trip to Chicago and some of the interesting topics that came up (including a look at disaster recovery demands). Then Anthony and James touch on ISDA's initial margin rules, with Phase 3 going live next year.Subscribe to Weekly Wrap emails