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Will Rhode

Formerly TABB Group

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Will Rhode

24 January 2013

Real-Time Clearing: The New Race to Zero

While the energy market has been clearing customer trades in real-time, dealer-to-dealer interest rate swaps largely have been clearing at the end of each day. Rates market participants did not have the desire, nor the capability, to calculate counterparty exposures in real-time or near real-time.

But once the clearing mandate goes live in March, Derivatives Clearing Organizations (DCOs), Futures Commission Merchants (FCMs) and clearing brokers must be able to accept trades for clearing within just one minute of submission. The goal is to create a market in which clicking “execute” completes the trade entirely.

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