OTC Trading the Battleground in Fight for Liquidity
Nasdaq OMX's decision to launch NLX, a new interest-rate derivative (IRD) trading platform, in Europe next year is the latest in a long line of attempts in the derivatives space to draw liquidity away from incumbent exchanges.
One of the more inglorious attempts in recent history was Eurex US, the now-defunct derivatives exchange that was meant to compete with the Chicago Board of Trade (CBOT) in the early 2000s. But there is no shortage of comparable failures, highlighting just how difficult it
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