Swap execution facilities (SEFs)
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
Packaged swaps get three-month Sef reprieve from CFTC
Market participants welcome 90-day grace period as CFTC promises “thoughtful solution”
OTF transparency waivers survive final Mifid debate
European disclosure regime for derivatives platforms diverges from that in US
OTC trading platform of the year: Tradeweb
Two platforms appeared to take an early lead in the first few months of the Sef regime, but one – Tradeweb – won high praise from users for its responsiveness, customer services and technology
Law firm of the year: Davis Polk and Wardwell
Australian trading platform Yieldbroker was snared by the notorious footnote 88 last year. Its lawyers, Davis Polk, found the way out
CFTC guidance means FIA-Isda contract 'no longer needed'
Execution agreements that have taken years of work cannot be used on Sefs - and a big change is needed if they are to survive at all
Australia dealers face Sef time zone issues
CFTC rule poses clearing challenges for dealers whose markets close before clearing operations in London open
Sefs battle with confirmations after CFTC relief expiry
A second no-action relief period that exempted Sefs from issuing confirmations expired on November 29, leaving forex traders unsure whether Sefs can handle the requirement
More firms expect technology spending increase in 2014
Rising expectations
Review of 2013: Grave new world
From collapsing equity repo rates to footnote 88, and from the leverage ratio to new clearing house liquidity rules, the year has been full of surprises, many of them unpleasant. By the end of 2013, an industry that had seemed to be back on its feet was…
CFTC extends no-action relief to sole Asian Sef
Australia-based Yieldbroker can continue to service US clients while CFTC considers its Sef application.
'Patchy' liquidity in FX a concern for the future
Concentration in the number of liquidity providers and the reliability of HFT market-making raises concerns for senior industry officials
Bloomberg, MarketAxess, Tradeweb not complying with Sef rules - Gensler
Sefs "have to come into compliance" with Dodd-Frank rules requiring platforms to provide impartial access, says CFTC chairman
Sefs face major delays in operating outside the US
Despite an overseas person exemption that allows recognition of CFTC-approved swap execution facilities in the UK, Sefs could face significant delays before they can legally operate in other non-US jurisdictions
Experts split on MAT determinations
Rules allowing Sefs to make available-to-trade determinations continue to cause concern, but some think an aggressive approach is justified
Sefs have work to do on impartial access - Gensler
Some Sefs are not offering equal terms to all market participants, CFTC chairman tells industry conference
Sefs cause two-tier market as Asia OTC liquidity splits
Divide and rule
Javelin Capital Markets: The gate-crasher
The countdown to mandatory trading on swap execution facilities started last month when Javelin Capital Markets became the first Sef to file a product list with US regulators. Its chief executive, Jamie Cawley, tells Peter Madigan why market participants…
Asia Risk Congress: Asian dealers switch to London venues following Sef introduction
Sef rules are leading to regulatory arbitrage according to Asia industry players
Standardisation needed in Sef reporting conventions
Sefs agree a lack of clarity on reporting requirements has created an inconsistent and fragmented view of trading activity
Risk USA: Footnote 88 prompts BlackRock to abandon NDF platforms
Asset manager returns to phone trading after electronic execution in foreign exchange contracts is forced onto Sefs