Citibank and RBS back new Icap derivatives plan

Five banks have now agreed to provide liqudity to interest rate swaps platform

Head traders at Citibank and the Royal Bank of Scotland have added their support to an electronic interest rate swaps platform due to be launched on Monday by Icap.

The move provides further evidence that the market is organising itself ahead of the threat by regulators to frame legislation this year to ensure transactions can be monitored.

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Ray Dalio Sells Last Stake in Bridgewater, the Hedge Fund That Made Him a Billionaire