US end-users are losers in swaps liquidity split

US participants "are not able to access" full breadth of liquidity, says Tradeweb CEO


When the first cracks appeared in over-the-counter derivatives markets about a year ago, they were hairline fractures – whispers of European and Asian banks dodging US swap dealers in order to avoid the same label. As more US Dodd-Frank Act rules took effect and guidance on their cross-border application was finalised, the fractures spread and deepened. Today, many participants view them as physical breaks – separating counterparties and splitting markets – but US firms are the ones feeling the

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