Industry Hazy on Project Rainbow

Market observers are still uncertain about the impact that the proposed MTF, backed by Barclays, Deutsche Bank, Goldman Sachs, JPMorgan, MF Global, Newedge and UBS, will have in the market.

Rainbow's impact will depend on the range of derivatives to be offered, says Bob McDowall, senior analyst with industry research firm TowerGroup. "Also, if [they plan to trade] equity derivatives, why do it separately from Turquoise," he says.

The announcement is an expected move, according to Bob Fuller

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