Would-be Sefs fear ability to access market
High costs and existing competition deter new entrants
Platforms planning to become swap execution facilities (Sefs) fear they will be blocked out of the market by unsustainable start-up costs and the predominance of existing competitors.
The on-Sef FX market is currently dominated by just five providers – BGC, Icap, Tullett Prebon, GFI and Tradition – where existing business lines help support the cost of Sef operations. Smaller trading platforms, which often lack this institutional firepower, worry that they won't get a look in if they decide to
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