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Citi, Chase, Deutsche, others plan derivatives trading system

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Citigroup, Chase Manhattan Bank, Deutsche Bank AG and three other financial giants will jointly launch an electronic derivatives trading system. The system, SwapsWire, uses Internet-based software. SwapsWire's founding members will begin using it later this year, and make it available to other financial companies in 2001. The system's founding banks include: Citigroup, New York; Deutsche Bank AG, Frankfurt; Union Bank of Switzerland AG, Zurich; Chase Manhattan Bank, New York; J.P. Morgan & Co., New York; and Morgan Stanley Dean Witter & Co., New York. Derivatives, the most complex of financial instruments, are a booming marketplace. The derivatives market rose to $53 trillion last year, up from $37 billion in 1998.
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