‘Street Fighter’ Sef RTX grows in interdealer swaps market
Focus on functionality and fees helped volumes on start-up venue from Cawley and Jonns jump fivefold last year
A new electronic swap execution facility (Sef) run by former Javelin founder James Cawley and ex-TP Icap broker Christopher Jonns is growing rapidly in a corner of the rates market still dominated by voice trading.
Despite the supremacy of e-trading in the dealer-to-client market, in the interdealer market, quirks of market structure and broker incentives have helped phone trading retain a firm grip on activity. But large banks have been quietly routing an increasing volume of interdealer
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