Brexit nudges new Trad-X swaps service to Paris
London loses out on planned dealer-to-client Clob for OTC euro interest rate swaps
Interdealer broker Tradition is to launch a new dealer-to-client (D2C) central limit order book (Clob) in Paris rather than at its London hub, as Britain’s ongoing lurch out of the European Union leaves too many nuts-and-bolts questions in the air.
The new Clob, which opens for business on June 24, will handle over-the-counter euro-denominated interest rate swaps. Its location is yet another sign of London losing out to the EU on new products and infrastructure because of Brexit.
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