Trying to divine the evolution of the SEF landscape

Trying to divine the evolution of the SEF landscape

I’ve been at Greenwich Associates a little over a year now.  Since I’ve been here I’ve written a few blog posts about SEFs, but have…

The SEF RFQ Minimum is Moving to 3.  Does it matter?  Nope.

The SEF RFQ Minimum is Moving to 3. Does it matter? Nope.

On October 2 market participants requesting price quotes for an order via a SEF will have to ask a minimum of three dealers to respond rather than…

Package trade rules – can they do that?

Package trade rules – can they do that?

On Thursday May 1 the CFTC released an eagerly awaited clarifying document outlining when and how package trades would be required on SEF.  Packaged transactions will be…

FX Markets are Ready for a Shake-up

FX Markets are Ready for a Shake-up

The biggest finding in our latest report on FX electronic trading was nothing.  Our 1500+ interviews with global FX users showed continued growth in electronic…

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…

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…

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: 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…