Tag Archives: SEF

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 clearinghouses to have credit facilities available to back up all margin posted in US Treasuries.  I (and pretty much every one else in the market) think this is ridiculous.  If… Read More »

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 order here. As we work through the made available to trade (MAT) process, it’s important to reemphasize what actually will be required on mandatory SEF trading day 1. It all… Read More »

Greenwich Fixed Income Market Structure Event: Liquidity, SEFs and Technology to Manage the Change

Given all of the research we have going on here at Greenwich and all of the regulatory mess going on in the world, we thought it a good time to set up a webinar to review both.  I’ll go through some of my recent research here at Greenwich – credit liquidity alternatives, trading technology spend,… Read More »

The Results are In: What parts of the rate curve should be mandated for trading first?

Earlier this week the first two made available for trading applications were made to the CFTC starting the clock ticking for mandatory SEF trading.  Those applications started a debate as to exactly how mandatory SEF trading should be phased in.  Should day 1 trading mandates only include the most liquid points on the rate curve,… Read More »

New Greenwich Report: As Credit Market Liquidity Suffers, Institutional Investors Seek Alternatives

This is my first official research piece since joining Greenwich Associates this past summer.  It is available to Greenwich clients.  If you’re not sure if you’re a client, or don’t have a login to the website, let me know.  Enjoy. New Greenwich Associates Report Analyzes Role of CDS, ETFs and SEFs   Tuesday, October 22, 2013… Read More »

Roll Out the Welcome MAT

On Friday afternoon Javelin SEF filed the first made available-to-trade application with the CFTC (thanks Jamie for making us all scramble around on a Friday afternoon!).  This is great news.  The ball is rolling that will make SEF trading volumes finally matter.  But of course, as with everything derivatives reform, things are not yet cut and dry.… Read More »