Because FICC's membership requirements don't appeal to many of the CME's customers.
More evidence of DTCC's power even outside of the equities world - CME manages some of their customer margin with DTCC & discussions are ongoing to improve their partnership, potentially boosting future volumes:pic.twitter.com/AJ3k2B1eqi
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Quite. And there have been sooo many exchange/CCP product initiatives in fixed income predicted on cash/futures x-margining. Eurex offered this back in 2004. Can't think of one that has created meaningful incremental volume. Happy to be put right though ofc....
End of conversation
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