Speaking at SEFCon IV conference in NY this week, Gary Gensler, Chairman of the CFTC said that Bloomberg, TradeWeb and MarketAxess are failing to provide impartial access as required under SEF rules.
The three main platforms, are giving the banks too much control over who their customers buy and sell with, in an attempt to preserve the existing dealer-client structure, and that they need to come inline with the CFTC equal access rules.
“What they are doing right now is a violation of Dodd-Frank and our rules,” he said at an event in New York. “They need to come into compliance,” he said. The limits at Tradeweb, MarketAxess and Bloomberg LP give an advantage to the dealers who created the swaps market in the 1980s, Gensler said. “They’re trying to keep exclusive to the dealers.”
More here on Bloomberg and Risk.Net and of course from Kevinonthestreet
Separately, the CFTC has granted LatAm SEF temporary SEF status, bringing to 19 the number of platforms that have been granted temporary SEF status.
|
No |
SEF |
Applied |
Granted |
SEF Status |
|
1 |
04-Sep-13 |
19-Sep-13 |
Temp Status |
|
|
2 |
04-Jun-13 |
30-Jul-13 |
Temp Status |
|
|
3 |
03-Jul-13 |
06-Sep-13 |
Temp Status |
|
|
4 |
22-Jul-13 |
13-Sep-13 |
Temp Status |
|
|
5 |
05-Aug-13 |
20-Sep-13 |
Temp Status |
|
|
6 |
02-Aug-13 |
19-Sep-13 |
Temp Status |
|
|
7 |
15-Jul-13 |
16-Sep-13 |
Temp Status |
|
|
8 |
30-Jul-13 |
13-Sep-13 |
Temp Status |
|
|
9 |
03-Jul-13 |
06-Sep-13 |
Temp Status |
|
|
10 |
15-Jul-13 |
20-Sep-13 |
Temp Status |
|
|
11 |
30-Jul-13 |
19-Sep-13 |
Temp Status |
|
|
12 |
28-Aug-13 |
23-Sep-13 |
Temp Status |
|
|
13 |
31-Jul-13 |
24-Sep-13 |
Temp Status |
|
|
14 |
03-Sep-13 |
27-Sep-13 |
Temp Status |
|
|
15 |
09-Sep-13 |
27-Sep-13 |
Temp Status |
|
|
16 |
09-Sep-13 |
25-Sep-13 |
Temp Status |
|
|
17 |
23-Aug-13 |
25-Sep-13 |
Temp Status |
|
|
18 |
17-Sep-13 |
04-Nov-13 |
Temp Status |
|
|
19 |
25-Sep-13 |
18-Nov-13 |
Temp Status |
|
|
20 |
YieldBroker |
27-Sep-13 |
|
|
|
21 |
GTX SEF LLC |
30-Sep-13 |
|
|
|
22 |
SDX Tradig LLC |
01-Oct-13 |
|
|
Filed under: CFTC, Dodd Frank, OTC, Paul Blank, Regulation, SEF, SWAPS |
SingleDealerPlatforms.Org 
[…] the 372 IRS trades were being executed on SEFs, according to data from Clarus. Although there are 23 newly registered SEFs , the majority of business so far has tended to flow through to the incumbent inter-dealer platform […]