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STIR Futures: Trading Euribor and Eurodollar futures by Stephen Aikin

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2. Mechanics of STIR Futures

Accessing the Markets

Most financial markets require the individual trader to transact through an intermediary, such as a broker or bank, who is a member of a particular market. Exchange-traded financial futures markets are almost unique in that they permit individuals or smaller entities to trade and compete at a professional level, on the same terms and at similar costs as those of a bank or institution. An individual can post bids and offers and transact with all other participants in exactly the same way as a trader employed by a major bank or broker. There are no layers of intermediation, and no tiered access levels or cost structures favouring one class of participant over another. It is as level a playing ...

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