The Evolution of Clear Swaps

After the financial crisis, Dodd-Frank came about and there was more focus on clear swaps versus in the markets. CME looked at building or buying a swap execution facility but felt that futures were a better credit or risk mitigation tool than swaps themselves. We also saw a shift in other markets and commodities in European markets that were traditionally bilateral moving into a clear environment. That helped us again build more liquidity, more open interest in other products.