Despite industry optimism, Curve has
received its fair share of speculation and
criticism. One has to just look at the experience of Nasdaq NLX, the London-based
interest rate derivatives exchange previously led by Charlotte Crosswell.
The exchange once boasted a 10%
market share in Euribor futures, the
world’s second-largest short-term interest rate contract after Eurodollar.
However, its strategy of paying people to
trade on the exchange has not reverberated with the market, and according to
“We need to do
now is less
much more about
what we have to
sell and how to
build up liquidity.”
Goldman Sachs, JP Morgan and Societe
Generale, 10% owned by US Chicago
Board Options Exchange (CBOE), and
25% the LSEG. To a large extent, the aim
of Curve is to break up the hold of Eurex
and Intercontinental Exchange (ICE) in
Europe’s interest rate derivatives market by
deliberating making it cheaper to trade on
the new venue.