A new breed of hybrid product that brings over-the-counter interest rate swap economics into the more capital-efficient world of listed derivatives is set to go live at the end of July and is already generating support from end-users. Start-up exchange GMEX is currently putting the finishing touches to its euro-denominated Interest Rate Swap Index Average Constant Maturity Futures contract, which received UK FCA approval in December. The success rate of new futures contracts is notoriously low, but the latest attempt at melding swaps and futures into a single product has already attracted investment from Deutsche Boerse and SG Newedge as well as price-streaming agreements with Tradition and Tullet Prebon for the underlying index.
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