London’s new trading venue for interest rate derivatives is backed by seven of the world’s top 10 trading banks, according to data collected by The Banker.
The platform, known as CurveGlobal, began operations on Monday September 26th. It is a venture between the London Stock Exchange Group (LSEG), Bank of America Merrill Lynch, Barclays, BNP Paribas, Citi, Goldman Sachs, JP Morgan and Société Générale, along with the Chicago Board Options Exchange.
The consortium of banks house some of the world’s most dominant trading operations. In terms of fees collected in 2015, Goldman Sachs and JP Morgan are the clear leaders having earned $12.993bn and $10.852bn, respectively. They are followed by HSBC and Morgan Stanley which, along with Deutsche Bank which comes in at ninth, are the only top-10 trading banks not involved in the platform’s launch.
CurveGlobal is LSEG’s attempt to gain a bigger share of the interest rate futures business which is dominated by Intercontinental Exchange and Deutsche Börse. The launch proceeded as planned, despite LSEG’s merger with Deutsche Börse which is being reviewed by competition regulator the European Commission.
All data has been consolidated at bank holding company-level and is sourced from www.thebankerdatabse.com
