Swap execution facility (Sef)
Options platforms struggling with dearth of liquidity takers
Some FX options platforms have struggled to gain traction in a new and untested market, but banks say the problem is one of low demand for, rather than provision of, liquidity
Sefs worry MAT rules will create ‘race to the bottom’
Tradeweb and other would-be Sefs say they have been given too much power to decide which swaps are mandated to trade on platforms
Chasing missed deadlines
As missed deadlines recede further into regulatory history, the FX industry faces new challenges and has fresh battles to fight
Brokers concerned by 15-second rule for Sefs
CFTC's 15-second crossing delay rule for Sefs could put participants in a risky position and make it more difficult to use a voice broker, dealers warn
Questions remain over finer details of Sef rules
The countdown to compliance with the Sef rules has begun following their entry in the Federal Register, but some platforms still have questions over the proposed model for a Sef
Final Sef rules raise more questions
Market surprised by change to swap execution facility rules, after final requirements were approved on May 16
CFTC misusing Dodd-Frank to expand its role, says CME's Duffy
CME chief accuses regulator of overreaching, as line-up of industry figures attacks Dodd-Frank rules
Market relief as CFTC approves final Sef rules
Request-for-quote rules are watered down and voice broking allowed to continue under final Sef rules from the CFTC
Standardised OTC swaps spice up futurisation fight
March saw the launch of a template for a new standardised interest rate swap product – an attempt to protect swap market liquidity from the threat of futurisation. The first product based on the template could be launched within weeks, but even some…
Icap: Sefs could lead to ‘sub-optimal hedging’
Moving NDFs to trade on Sefs could mean less hedging at longer end of the curve, says senior executive at Icap
FX Invest North America: Platform proliferation creates buy-side headache, say panellists
An overcrowded market will lead to platform consolidation, but it is too difficult to predict which venues will survive
Trading Places, April 1, 2013
Citi wins an FX options trader from Barclays in London, while ex-FXCM CCO James Sanders moves to First Derivatives in the same role and Legal & General grows operations in Europe
Rolling spot faces inclusion in Dodd-Frank
FX spot is expected to be exempt from US clearing and exchange trading rules, but rolling spot could be classified as a CFD and so included within the scope of Dodd-Frank
CFTC ‘neglect’ of Sef rules angers platform providers
After missing numerous deadlines to finalise the criteria for Sefs, the CFTC will not publish the rules until late April at the earliest, much to the frustration of market participants
Thomson Reuters matches EBS with revamped strategy
Icap's EBS and Thomson Reuters have initiated major structural changes over the past year; as they continue to evolve their new strategies, and ParFX prepares to launch with the aim of becoming a third primary venue, further structural shifts are set to…
Cometh the hour, cometh the Sef
Imminent rules are expected from the CFTC on the criteria required of electronic platforms seeking to become swap execution facilities under the Dodd-Frank Act
NDF traders face up to Sef reality
Non-deliverable forwards are likely to be mandated to be traded on swap execution facilities before any other FX products, but are traders ready?
Spotlight on: Max Smith, Newedge
In a world where market participants are seeking to reduce risk in trading and ensure efficient clearing, Newedge's global head of FX, Max Smith, believes the firm is uniquely positioned
SurfacExchange in acquisition talks
Multibank FX options platform confirms it has seen an 'uptick' in conversations over a potential acquisition, as rivals make tweaks to their ownership structures ahead of Sef registration race
LMAX management team buys majority stake from Betfair
Management buyout will give LMAX Exchange the necessary flexibility to evolve into a leading FX venue within three to five years, says chief executive David Mercer
CFTC should allow voice trading for Sefs, says Chilton
CFTC commissioner also hints that 15-second rule will be amended - and says final cross-border rules will include a new definition of ‘US person’
CFTC could force funds to break US or European law
The CFTC's broad definition of a US person could leave European hedge funds facing conflicting rules
FX Week Asia: Sefs and OTFs may be unworkable for NDF market
Speakers at Asia conference warn of the unintended consequences mandatory platform trading could have for non-deliverable forwards
The platforms of 2012: Thomson Reuters
Thomson Reuters has refrained from making the major changes to its FX platforms that rival EBS has made in recent years, but that allegedly unresponsive approach has to some extent been vindicated by the challenges EBS has faced. In the latest in a…