SEF volumes died last week – so when and where will they return?

SEF volumes died last week – so when and where will they return?

Turned out the first week of mandatory SEF trading was a Big Bang, just in the wrong direction.  Reported SEF volumes for interest rate swaps…

SEF Day 1: A Big Deal but Not a Big Bang

SEF Day 1: A Big Deal but Not a Big Bang

Tuesday February 18th is certainly a big deal.  Requiring swaps to trade on registered platforms was one of the primary tenets of derivatives reform since…

SEFs – nothing short of technology marvels

Its true.  If you step back and think about it for a minute, the work carried out over the past four years to create an…

A Path Forward for Prop Traders in the Swaps Market

A Path Forward for Prop Traders in the Swaps Market

The CFTC is great at sending emails out at inopportune times.  In this case it was the 13 no-action letters sent between December 20th and…

Greenwich Associate’s Market Structure Trends to Watch in 2014

Greenwich Associate’s Market Structure Trends to Watch in 2014

The year 2013 will likely go down as the year of mandatory clearing. Once ignored by eager financial market professionals as boring back-office stuff, collateral…

Top Posts of 2013 from Kevin on the Street

Top Posts of 2013 from Kevin on the Street

With 2013 just about behind us, I thought it would be fun to look back at the most read posts on Kevin on the Street…

Some SEF Trading Certainty – Finally!

Some SEF Trading Certainty – Finally!

Who would have guessed that Black Friday would have turned out to be a big day for SEF trading.  Both Javelin and Tradeweb resubmit their…

Impartial access encourages, but does not require, an agency model

In the past I’ve spoken about buy side incentives for using an agency model – chief among them the reluctance or inability to navigate the…

Impartial Access: The CFTC Isn’t Messing Around This Time

Impartial Access: The CFTC Isn’t Messing Around This Time

The CFTC issued a slew of new guidance and rules last week, two of them particularly interesting and impactful.  First was the rule that requires…

Mandatory SEF Trading Does Not Equal Mandatory Electronic Trading

Mandatory SEF Trading Does Not Equal Mandatory Electronic Trading

Forgive me if I’m stating the obvious for some of you, but I’ve had this conversation more than once and felt some clarity was in…