Swap execution facility (Sef)
SuperDerivatives queries Sef RFQ rules
Tech vendor seeks clarity on chat room trading protocols from CFTC
Sef volumes up slightly in May
Overall liquidity picture still fragile
FX Focus - Banks fear Sef arbitrageurs
Some banks are scared to make prices on platforms offering both order book and request-for-quote trading, claiming users may be able to game them by using the two approaches in conjunction, with the result that dealers stop being 24-7 liquidity providers…
FX Focus - Sef volumes still struggling
Sef volumes are struggling to get off the ground as the industry waits for trading options and NDFs via a Sef to become mandatory. Can smaller Sefs survive this barren patch? By Michael Watt
FX Focus - Editor's Letter
Sef equivalency problems point to wider trust issues among regulators
FX Focus - Is Sef equivalency still solvable?
Negotiations for an equivalency system to allow European platforms to offer Sef-like liquidity to US persons fell apart in mid-May. Participants blame CFTC intransigence and warn of permanent fragmentation of the market. Can a solution still be found?…
Sef equivalency "back to square one" as CFTC takes hard line
WMBA’s Clark worries for future of equivalency regimes
Brokers at loggerheads over Sef volume data
Following the FIA's launch of a Sef volume data service, brokers warn that problems still remain at the source of the published data
CFTC clarification little help for European swap platforms
European swaps still struggling to meet May 15 deadline on equivalence standards
European MTFs in limbo over CFTC compliance ahead of May 15 deadline
European platforms left hanging as CFTC compliance still in doubt despite rapidly approaching deadline in May
FX industry leans on Emta for Sef benchmark solution
The Emerging Markets Trade Association is in the hot seat to provide Sef benchmark solutions for NDFs
Icap sees steady NDF volume on Sef
Reported data shows Icap's Sef trading roughly $6 billion daily volume in non-deliverable forwards but other Sefs have fared less well, including Integral, with just one trade
OTF transparency waivers survive final Mifid debate
European disclosure regime for derivatives platforms diverges from that in US
Gain GTX gathers momentum as it awaits Sef licence
Gain Capital's institutional platform reached average daily volume of $20.4 billion in November, a year on from the appointment of Joseph Wald to run the platform
Extent of Sef-driven fragmentation revealed in Isda survey
Almost 80% of respondents indicate that Footnote 88, which required all platforms to register as Sefs by October 2, has resulted in fragmentation of liquidity in FX options and NDFs
Sefs battle with confirmations after CFTC relief expires
A second no-action relief period that exempted Sefs from issuing confirmations expired on November 29, leaving FX traders unsure whether Sefs can handle the requirement
Mifid rules could force FX swaps onto OTFs
Trialogue negotiations on Mifid II are expected to conclude by February, but traders fear they could include a mandate for FX swaps to be traded on organised trading facilities
FX market participants express concern and confusion over Sef trading
Trading on swap execution facilities in the US was introduced in a cloud of confusion and uncertainty. The market seems to have recovered from the initial shock, but there are concerns that Europe’s take on Sef trading will do longer-lasting damage. By…
Regulators clash on Mifid waivers
Some regulators and brokers have expressed fears that exemptions included in Mifid may mean European rules on trade execution are not equivalent to the US – but a key parliamentarian disagrees
SuperDerivatives wins again in options pricing and risk management
Technology vendor launched a low-cost market data product at the start of this year that has seen greater success than it initially anticipated
Tullett Prebon retains forwards gong amid Sef chaos
The interdealer broker retains its hold on the forwards market, despite the disruption caused by the start of the Sef regime
GFI completes rise to first place in currency options
GFI Group rises from second place in last year's survey to win best broker for currency options
Sefs face major delays in operating outside the US
Despite an overseas person exemption that allows recognition of CFTC-approved swap execution facilities in the UK, Sefs could face significant delays before they can legally operate in other non-US jurisdictions
Dialogue needed on Sef confirmations - GFXD
Following a further CFTC extension for Sef confirmation requirements until November 29, the global FX division stresses the need for dialogue and co-operation with regulators over the next month if the deadline is to be met