Swaps have not proved the easiest sector of the market to take electronic. Vast as the market is, the main counterparties are a handful of international banks who know each other well and are used to dealing with each other by phone. But this has not stopped players such as independent trading platform Swapstream attacking the market.

But will they be successful? The danger is that Swapstream wins the war but loses the peace – that is the market converts but not by using a third-party provider.

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