US block size changes reveal trillions in swaps trading
Fears of information leakage force some large buy-side users to adjust execution strategy
Changes to trade reporting rules have shone a light on large US interest rate derivatives trades, but also forced some prominent buy-side swaps users to change the way they transact large notional positions.
Trades above block size in the US benefit from a reporting delay to data repositories, a waiver from requirements to put dealers into competition, and sometimes a cap on notionals reported publicly. Following the Commodity Futures Trading Commission’s (CFTC) amendments to the block and cap
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