Category: TABB Group Research

Determining if SEF Aggregation Really Matters

This post also published at Regulations will have a significant impact on how SEF aggregators function and how widely these aggregators will be adopted by various market participants. Some of the most contentious rule proposals are those that will have the greatest impact on liquidity fragmentation. They include the 15-second rule, the ability to […]

Swaps Dealers Will Spend $504 Million in 2012 to Create and Market Liquidity Aggregation Systems to Buy-Side Clients, Says TABB

Historical Data and First-Hand Accounts of Change in FX, US Treasuries and Institutional Equities Demonstrates How Technology and Regulation, or Lack Thereof, Will Cause Swaps Liquidity to Fragment NEW YORK & LONDON, January 18, 2012 – Despite the fact that swaps execution facilities (SEFs) don’t technically exist yet and swaps market liquidity isn’t fragmented today, […]

Skepticism Grows across the Swaps Markets about Benefits of SEFs Due to Overly Prescriptive Rules, Says TABB

This is the PR for my latest SEF report, for which the executive summary can be found here. PRESS RELEASE Dec. 8, 2011, 9:33 a.m. EST Skepticism Grows across the Swaps Markets about Benefits of SEFs Due to Overly Prescriptive Rules, Says TABB Over 200 Swaps Market Professionals Rate the Top Firms They Believe Will […]

TABB Says 90% of Top-Tier Swap Dealers See Their Profits Down or Flat after Dodd-Frank Implementation

PR on my recent study: New Annual Fixed Income Industry Benchmark Study Shows 60% of Current Dealers Expect Increased Barriers-to-Entry; Basel III to have Greater Business Impact than Dodd-Frank NEW YORK & LONDON, Oct 19, 2011 (BUSINESS WIRE) — Despite the risks to liquidity posed by CFTC-proposed regulation, over the long term nearly 75% of […]

Liquidity expected to return in swaps market (Financial Times)

My summer’s work was speaking to every major swaps dealer to try and understand what they’re thinking, how they’ll take their business forward and what pending regulation will do to the swaps market. The executive summary of the report that resulted from these conversations can be found here. Today the FT wrote a story to […]

Reforms Have Swap Dealers And Brokers Considering Agency Model (Wall Street Journal)

TABB Group Fixed Income recently published two new research pieces.  One for which we spoke with 23 swaps dealers about everything and anything (link here), and the other in which we took a deep dive into what an agency desk for swaps trading might look like and why it matters (link here).  The short story, […]

CME Group building high-speed connections around the world (Dow Jones)

Here’s more proof that the exchanges are quickly becoming technology companies – if they’re not already.  This network sounds oddly like NYSE’s SFTI.  Nevertheless, its easy to see how this makes sense for CME and should generate them even more revenue beyond the $45 million they already make on this kind of service: Traders striving […]

Participation Request: TABB Group Swap Execution Facility Study

TABB Group is conducting a study to gauge the industry’s views on several swap execution facility issues. The study is a follow-on to research we conducting this past spring entitled Swap Execution Facilities: An Industry Barometer, which was utilized by regulators and industry participants to make key strategic decisions and to understand market perception of […]

Tech upgrade needed for derivatives clearing (Financial Times)

The FT did a great job covering TABB Group’s new research piece looking at the technology challenges facing clearinghouses and dealers as they prepare for central clearing mandates.  Read the full story here.   And the press release: TABB Says Dealers and Clearinghouses Need to Make Huge Investments and Upgrades to Current Clearing Technology NEW […]

The Anatomy of a Swaps Trading Infrastructure

For the biggest swaps dealers, creation of their new OTC derivatives infrastructure will include rebuilding existing platforms, buying key elements from technology providers, leveraging technology already in place in other asset classes and, of course, building new platforms from scratch. This is not a buy-versus-build decision—it’s a careful balancing act of process and technology decisions […]