Prebon & Barra Launch FRA Electronic Matching Network
BROKERS
Money broker Prebon Yamane has teamed up with Barra, an analytic software vendor, to launch an electronic matching network, dubbed Posit-FRA, for forward rate agreements (FRAs). The FRA market has lately been losing marketshare as traders switch to the futures market for better liquidity, say sources. But a Prebon spokesperson points out that this system is not aimed at the traditional FRA trader--it is designed for interest rate swaps dealers, so they can cover the FRA position that results
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