Laurent Paulhac, CEO of ICAP's swap-execution facility, said volumes in the interdealer over-the-counter swap market aren't threatened by CME Group's swap futures. "Our client base at ICAP is predominantly large swap dealers, and our business is effectively a risk transfer business for interest rate swaps," Paulhac said. "Swap futures don't really compete with that market. Swap futures, as they're being advertised by the various exchanges launching them, are more focused on the dealer-to-client market, and as being potentially more capital-efficient, standardized instruments."
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