Also posted on TabbFORUM.com Wall Street (which includes yours truly) was in Washington on Wednesday (Aug 15) to discuss Swap Execution Facilities with the Securities and Exchange Commission and the Commodity Futures Trading Commission. I wasn’t the only one walking the block between Union Station, where the express train from New York arrives, to the […]
Tag: SEF
Goldman Alums To Launch Equity SEF (Derivatives Week)
This is the first announced equity swap focused SEF I’ve come across. The people at the help of this company come from Goldman Sachs electronic trading and have an interesting approach that is worth keeping an eye on. I’m sure there will be many more SEF announcements to come in the the next few months, […]
Q+A-What’s at stake for swap-execution facilities? (Reuters)
The SEF debate is certainly heating up. These questions and more will all be discussed at the WMBAA’s “SEFCON 1” event in DC on October 4th (details to follow). My comments in the Reuters piece: “The law calls it “a trading system or platform in which multiple participants have the ability to execute or trade […]
US CFTC Gets Suggested Guidelines For Swap-Execution Facilities (Wall Street Journal)
The Wholesale Market Brokers Association of American (WMBA) submitted to the CFTC guidelines as they saw them for what are to become Swap Execution Facilities (SEF). The full submission can be read here. Although this provides some clarity as to what the industry wants, this is only one voice and only the beginning. The Dodd-Frank […]
SEF 101: Deconstructing the Swap Execution Facility
Also posted at TabbFORUM.com and submitted to the CFTC. The term “Swap Execution Facility” (SEF) has been formally christened and will henceforth be a part of OTC derivatives vernacular. Yet to be determined, however, is whether SEF will become merely a new label for existing businesses or conversely an open door for competition, innovation and […]
Financial Reform Becomes Law: The Devil's In The Details (Futures Magazine)
The law is passed but the rule writing processing is where the real nitty gritty details will be defined. My comments focus mostly on the execution space and definition of Swap Execution Facility: McPartland says the new rules will mean more transparency for traders. “We’ll see much more readily accessible electronic data for swaps trading. […]
Regulators may silence derivative squawk boxes (Financial Times)
With the financial reform bill officially law its time to get down to details. One big area in need of clarity is OTC derivative executions which includes the soon to be defined Swap Execution Facility. This FT article goes through the ins and outs and winners and losers when it comes to SEFs. My comment […]
Reforms may help some brokers (The Hill)
It is inevitable that some portion of the OTC derivative market will see an execution mandate. I have been an outspoken believer that this change will happen at the hand of Swap Executions Facilities (SEF) much more so than traditional exchanges. This article in the Hill discusses the political angle of this move towards an […]