Let swap platforms trade futures – Icap’s Spencer

Icap's chief executive says proposed derivatives rules are reinforcing exchange monopolies

Michael Spencer, chief executive at Icap Group

Open access and margin rules that apply to over-the-counter derivatives markets should be applied to futures trading as well, according to Michael Spencer, group chief executive for interdealer broker Icap - who argues the current uneven playing field is particularly problematic now that futures exchanges are offering swap futures contracts that promise to mimic the economics of an OTC swap.

Futures exchanges require contracts they list to be handled by their own clearing houses - a so-called