DIANA CHOYLEVA: The credit crisis advantage to the clearing banks

Part 1, May 19: The credit crisis has given the clearing banks a competitive advantage over their non-clearing rivals, says Diana Choyleva, director and head of UK service at Lombard Street Research. She also discusses with FT capital markets editor, Gillian Tett, the intense debate over Libor and a likely higher equilibrium level in the future. The interview was recorded on May 15th 2008.