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 fell off a cliff for the week of February 17th, dropping 64% (revised down slightly as new data became available) from the 2014 weekly average SEF traded volume (thanks as […]
Tag: IRS
MAT the MACs, or MAT Everything – Let’s Vote
trueEX yesterday filed their MAT application to start a CFTC review process alongside the one underway for Javelin’s application. This will add a huge amount of fuel to the debate on whether or not all points in the rate curve should be mandated for trading out of the gate (Javelin) or only the most standard […]
The Economist: Not with a Bang
I talked to an Economist reporter based in Paris on Wednesday (October 2) about what the first day of SEF trading means to the market. I think the key point to note on the quote below is that we’re talking about the day 1 impact. The longer term impact on the the market I believe […]
Swap Execution Facility Trading Volumes: Here are the Real Numbers
There are some really good parts of the SEF rule, and this in my view is one of the best: Core Principle 9 requires a SEF to make public timely information on price, trading volume, and other trading data on swaps to the extent prescribed by the Commission. The result? SEFs posting daily volumes on […]