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Users of over-the-counter derivatives may now use an interest-rate swap contract with preset terms as the industry lobby group seeks to standardize the $379 trillion market. The contract, which the International Swaps and Derivatives Association developed with the Securities Industry and Financial Markets Association, has pre-agreed terms including on coupons and payment dates, according to a press release distributed today at ISDA’s annual general meeting in Singapore. It will initially be available in six currencies and at nine maturity points from one to 30 years.  

“This gets everyone on the same page, all trading the same thing,” said Stephen O’Connor, ISDA’s chairman. That’s “better for liquidity, better for compression.”

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