Swap execution facilities (SEFs)
Asia dealers determined to avoid Sefs – for now
Firms look to alternative sources of liquidity
CFTC urged to ‘slow down’ on packaged trades
Market not ready for Sef relief to lift on May 15, panellists claim
US end-users are losers in swaps liquidity split
US participants "are not able to access" full breadth of liquidity, says Tradeweb CEO
CFTC told EU platforms not to seek Sef equivalence
At the same time, UK's FCA was working through rules with London-based venues
Dealers benefit from OTC liquidity split, buy-siders claim
Shut off from foreign peers, US firms need dealers to access offshore liquidity
Euro swaps flee Sefs
Isda research finds Sef-driven liquidity split, with US dollar volumes growing and others shrinking
Isda hoping to detoxify derivatives
First day of conference pushes pro-swaps message
End-users believe Sefs will hurt swap market – Isda survey
Requirement to use new trading platforms will make market more costly, less liquid, end-users say
Isda AGM Roundtable: What OTC reform means for end-users
Isda directors warn on fragmentation, access and liquidity - but expect problems to pass
Japan FSA proposes two phases for mandatory clearing
Japan expands scope of clearing regime
O’Malia: If OTC market has split, blame regulators
CFTC commissioner hopes arrival of European rules will ease pressure
QIC first Australian buy-side firm to execute on a Sef
Money manager looks to access all liquidity pools
How to game a Sef: Banks fear arrival of arbitrageurs
Liquidity could suffer if sharp practice takes root in Sef markets
Sef rules expected to catch swap packages from mid-May
Simpler structures will have existing CFTC safe harbour removed first, Sefs expect
Prop shops to rival dealer market-makers on broker Sefs
Impartial access rules for Sefs allow firms to gatecrash interdealer market
Learning to share the swap market
Asset managers, hedge funds and proprietary trading shops all want access to platforms that currently serve dealers only - a test for rules on impartial access and, potentially, the start of a long-awaited revolution in over-the-counter markets. By…
Meet the new OTC market-makers
New swap trading platforms are often seen as a way of levering open the OTC market for a range of non-dealer market-makers – from opportunistic buy-side firms to aggressive Chicago prop shops. But how many of these firms are serious, and what difference…
CFTC-EC Sef accord 'will not solve liquidity split'
Platforms say divide between US persons and non-US persons will remain
Probable new CFTC chair 'no ideologue', say former colleagues
Dealers hope Timothy Massad's reputation as a problem-solver will lead to greater collaboration on cross-border regulation
Cleared US dollar swap volumes drop 80% on first day of Sef regime
Numbers compiled by Isda show huge drop - other sources claim smaller fall. Dealers say people "are tiptoeing their way in".
Dealers and Sefs divided over sponsored access
After Bloomberg and Tradeweb announce first completed sponsored access trades, sceptics claim service has no future
Sefs not expecting a big bang from Mat spark
As the Sef trading mandate arrives, platforms are primed for a jump in volumes – but with many clients currently avoiding Sefs, it may be a small bang, rather than a big one. Tom Osborn reports
Tradition and Tullett Prebon draw fire in Sef volumes flap
Market is split on how to report volumes for multi-legged trades
CFTC tells Sefs to collect paper Isda master agreements
Platforms will need to obtain paper copies of users' contracts in order to confirm non-cleared trades