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 MAT filings, both scaling back the number of products made available for trading. This is a big deal for a few reasons. First of all, comment letters apparently work. As […]
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 […]
The CFTC Killed SEF Trading (for now)
Last week was a busy week in SEF land. November 1 brought in to play a host of new rules, the MAT wars heat up and the Commission made the void rule even more confusing than it was before. So where has that left us? With a huge drop in SEF volumes and a bunch […]
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, […]
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 […]
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. […]
With so much focus on execution methods and block trade rules, little talk has been had about another SEF requirement: surveillance. Keeping your market participants in line is no small task. Here is what Javelin is doing to tackle the surveillance requirements.
Catching up with Javelin CEO Jamie Cawley (Video)
Jamie and I discuss Javelin’s latest press release and Javelin’s prospects ahead of final SEF rules expected sometime in 2012.
Talking to the Swap Execution Facilities
I’ve spent the better part of the last year studying what will become the swap execution facility (SEF) market, how it will be regulated, its players, its impact on derivatives trading. More recently I’ve had the pleasure of speaking with a number of the industry’s leaders in the space regarding the plans for their organizations […]