Buy side held back by confusion on cross-trading swaps

CFTC's swap trading rules hamper internalisation, lawyers say

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Held up: cross-trading within fund groups is tightly regulated

Homeowners fed up with high-priced contractors that do low-quality work often take a do-it-yourself approach to home improvement. Asset managers, it seems, are no different.

As dealers retreat from trading over-the-counter products, and charge more for the trades they do, some on the buy side are trying to create their own liquidity through internalisation – essentially intermediating trades in-house instead of via a dealer or public exchange.

"We owe it to our clients to optimise pricing liquidit

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