CFTC to test role of anonymity in Sef order book flop
Buy-side firms say they are being discouraged from using some swap order books because their identity is disclosed post-trade – an old practice that regulators are poised to kill off. But opinions are split on whether that will kick-start order book trading. Peter Madigan reports
An "old business practice that... will quickly go away" - that is the hope Vincent McGonagle, director of the division of market oversight at the Commodity Futures Trading Commission (CFTC), shared with attendees at an industry event in New York on November 12.
He was referring to post-trade name give-up – the act of revealing the identity of derivatives counterparties to each other after a transaction has been agreed. The big question is how quickly it will go away, and what difference – if any
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