Swap execution facilities (SEFs)
Tradeweb Submits CFTC Application for SEF Status
Tradeweb Markets has announced that it is applying to the US Commodity Futures Trading Commission (CFTC) for swap execution facility (SEF) credentials, operating two separate platforms.
SEFs at the Starting Gate, Technologists Prep for Challenges
On May 16 this year, US regulators finalized long-awaited rules that govern various aspects of how swap execution facilities will operate. Several years after the draft rules were first announced, attention now turns to the technology challenges…
TeraExchange Signs NFA for SEF Regulatory Services
The National Futures Association (NFA) has announced that TeraExchange has signed a pre-launch regulatory services agreement (RSA) with the industry body as part of its application to become a swap execution facility (SEF).
GFI Builds Out SEF, DCM Capacity with Violin Memory
Wholesale brokerage and electronic execution provider GFI will deploy Violin's solid-state Flash Memory Arrays for increased speed and capacity across all its trading platforms.
Much Ado about RFQ
The reduction in the so-called RFQ 5 rule was seen as a shallow victory for the industry during the final rulemaking for swap execution facilities (SEFs) last week, but how much of an issue will it prove to be?
CFTC SEF Rules Garner Mixed Reactions as Tech Picture Gets Clearer
Yesterday’s vote on final rules governing the operation of swap execution facilities (SEFs) by the US Commodity Futures Trading Commission (CFTC) was well-received by a cross section of the industry, but some disagree with elements of the provisions…
CFTC Passes Final SEF Rules with an Eye to the Future
The US Commodity Futures Trading Commission (CFTC) passed a series of final rules yesterday, designed to govern how swap execution facilities (SEFs) will operate, and how instruments will trade through them.
CFTC SEF Debate Sets Up Dodd-Frank Showdown
The US Commodity Futures Trading Commission (CFTC) has set a date of May 16 for a public meeting, over key elements of rules that govern how swap execution facilities (SEFs) will work.
Citi's Monaghan: PAI a Challenge; SEFs Will Route, Not Match
Neil Monaghan, Citi's global head of strategic business initiatives for over-the-counter (OTC) clearing told a North American Trading Architecture Summit audience that everything you thought you knew about post-trade technology is, in the newly cleared…
Liquidity Aggregation Through FCMs Appealing, But Info Leakage a Question
Even as the estimated number of swap execution facilities (SEFs) drops, fragmentation is still predicted to become an issue in the world of centrally cleared swaps. There is therefore room in the market for an aggregation service, to source liquidity…
Multi-Bank Group Aims for Client Enablement Standardization
A group of major sell-side institutions have launched a working group, the Trading Enablement Standardization Initiative (TESI), in order to facilitate client and trader enablement on electronic trading platforms.
MarkitSERV Launches OTC Pre-Trade Credit Checking Facility
Trade processing specialist MarkitSERV has announced the release of Credit Center, its pre-trade credit checking facility for over-the-counter (OTC) derivatives transactions.
First Derivatives Plans FX SEF Launch
First Derivatives has announced that it will register as a swap execution facility (SEF), dealing with foreign exchange (FX) swaps that fall under incoming US regulatory mandates.
ICAP Brings its European Interest Rate Swap Platform to the US
ICAP, the London-based interdealer broker and post-trade risk service provider, has been waiting to bring i-Swap, its electronic trading platform for interest rate swaps (IRS), to the US. First it needed to know what the rules governing swap execution…
Tough Times Ahead for the Broker-Dealer
Enhanced connectivity requirements, big bank resurgence and regulation all weigh heavy on the broker-dealer landscape.
Fixed Income Panel Talks Fragmentation and SEF Rules
A panel at a recent Tabb Group conference on the future of fixed income debated the delay in implementing SEF rules and the effect of venue aggregation.
James Rundle: Doubling Up and Doubling Down
As the introduction of SEFs inches closer, some question whether there is even a need for them, given their correlations with designated contract markets. Whatever the future looks like, James says, continuing investment in technology on the sell side…
Regulatory Uncertainty Inhibits OTC Preparation, IPC Survey Finds
A recent survey by vendor IPC Systems has found that a lack of clarity over regulations governing how over-the-counter (OTC) derivatives will trade in the future is leading to a lack of preparedness among market participants, even as most accept that the…
With OTC Reform, Conception and Consolidation Rule
I was originally going to start this column with the words ‘it feels like we’ve been talking about derivatives reform for years’, until I realized that’s exactly what we’ve been doing. There’s a sense of forward motion now, at least, with the first…
Citadel Activates Bloomberg for Fixed-Income Trading
US hedge fund giant Citadel has selected Bloomberg's fixed income trading platform for its electronic execution and clearing of interest rate swaps (IRS).
The Best of the Sell Side in 2012
The pick of Waters' sell-side coverage from the past year.
Predictions About Final SEF Headcount Drop
As the real-live launch of real-life swap execution facilities (SEFs) draws closer, a group of derivative experts predict that there will be fewer entrants than previously estimated.
SEF Nuances Provide Challenges for Liquidity Aggregation
While liquidity aggregation as a practice is nothing new for market participants, the specific character of Swap Execution Facilities (SEFs) and their diversified offerings will lead to new ways of thinking for sell-side firms, research from GreySpark…