Swap execution facilities (SEFs)
Sefs find liquidity comes at a cost
Banks have been reluctant to pick winners and losers from the array of new derivatives trading platforms being set up, but with Citi and Morgan Stanley taking equity stakes in two venues at the end of last year, it looks like some dealers are finally…
CFTC: O'Malia on a mission to fix Dodd-Frank flaws
With the end of the agency's marathon Dodd-Frank Act rulemaking in sight, CFTC commissioner Scott O'Malia wants to go back and fix what he sees as mistakes. By Peter Madigan
Sefs: Dead on arrival?
Bloomberg is threatening to sue the US Commodity Futures Trading Commission over uneven margin rules that it fears will drive the market away from swaps and into new futures contracts. Peter Madigan reports
Futurisation debate shifts to block trading rules
Different block trading thresholds for economically equivalent swaps and futures could hand exchanges a decisive advantage in the ongoing futurisation fight. But some market participants argue the disparity is fair, as do some regulators. Joe Rennison…
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
Swap regulations hold key to future of OTC algorithmic trading
The arrival of central limit order books in the interest rate swap market has opened the door to algorithmic trading – but only a little. Its future depends on how the over-the-counter market evolves. By Peter Madigan
CFTC's O'Malia: No progress on Sef rules in past two weeks
Mid-April next window for vote, but no reason for optimism, says CFTC commissioner
trueEX: e-trading pioneer offering one-stop swap shop
In 1999, Sunil Hirani launched an electronic trading platform for credit derivatives, which sold for $625 million nine years later. Now he's back - and his new idea is an exchange for interest rate swaps. Peter Madigan reports
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 foreign exchange products, but are traders ready?
Algomi: Former UBS platform guru pushes aggregation
The matchmaker
Sef rules could be finalised by mid-February, says O’Malia
Swap execution facility rules could be finalised in weeks, but CFTC commissioner gives little away on the detail
OTC infrastructure service of the year: MarkitServ
Risk awards 2013
Dealers working to keep Asian entities outside Dodd-Frank
As the CFTC prepares to finalise its rules on extraterritoriality, some firms in Asia are working to minimise the impact on non-US entities
Risk USA: 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’
Risk USA: 'Futurisation' trend could hurt Sefs, says CFTC's Chilton
Sefs could lose out if OTC trading volumes move into listed products, says CFTC commissioner - but he is "comfortable" with decision to approve the CME's new swap future contract
OTC Derivatives Clearing Summit Europe: Lack of dealer involvement may hamper OTF move
A portion of the European derivatives market will eventually be required to trade on OTFs – but change will be hampered without bank involvement, panellists say
CFTC rules could force European funds to break the law
Breaking the rules
The CFTC's to-do list: 14 rules to go, from Sefs to Volcker
The CFTC’s to-do list from Sefs to Volcker
Risk interdealer rankings 2012: Brokers
Calm before the storm
Knight Capital losses spur focus on algo risk management
A dark Knight for algos
The agent-principal dilemma
The agent-principal dilemma
Neal Wolkoff: OTC market faces break-up blues
Break-up blues