box spreads

Yeah I tihnk that is what I was getting at, even the retail trader cannot use it for borrowing so I do not see any reason for a retail to do a box unless of course they leg into it.

 

And even if you do leg in, it is usually pointless cause then you have to deal with 2 assignments.

 

A profitable leg should always be covered. Why incur a small haircut unless you're expecting a large move in rates? I trade boxes all the time into a rate-prediction. A box is a pure-play on STIR.