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 phased in by type from May 15th through November 15th, and to deal with the pre-trade credit checking issue (checking limits against each leg as opposed to the limit utilization […]
Tag: MAT
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 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 […]
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 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 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. […]