Javelin Capital Markets and TrueEX Group are embarking on different strategies for offering swaps on their new swap execution facilities. While Javelin requested a broad swath of interest-rate derivative instruments, TrueEx focused on the most liquid swaps. "This will add a huge amount of fuel to the debate on whether or not all points in the rate curve should be mandated for trading out of the gate (Javelin) or only the most standard contracts (TrueEX)," said Kevin McPartland of Greenwich Associates.

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