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End-users believe Sefs will hurt swap market – Isda survey
A new survey from Isda shows end-users are pessimistic about rules requiring the use of swap trading platforms, and also believe the lag between US and European implementation has split liquidity along geographic lines
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New execution rules for over-the-counter derivatives will make the market more expensive, less liquid and less easy to use, according to a survey of swaps end-users conducted by the International Swaps and Derivatives Association – results that raise questions about the regime, says the chairman of Isda, Stephen O'Connor.
"From an end-user's perspective, you have to ask whether it makes sense to force people to use a platform they don't want to," O'Connor says.
The rules force OTC derivatives to
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