Throughout the SEF debate, Caplin has been consistently saying that Single Dealer Platforms will remain the dominant relationship channel of choice, through which clients will continue to manage risk, access liquidity and execute trades, either directly with their relationship bank, or routed by the bank through to a SEF for those cleared products that are trading on a SEF.
So, it’s reassuring to see that the results of the latest FXWeek Poll, clearly supports our long-held view.
The poll asked what will be the role of Single Dealer Platforms under Dodd Frank.
A) To sell equity to other banks so that they can stream multiple quotes and comply with required Sef criteria (12%)
B) To act as an agent, aggregating prices from Sefs and other trading venues and routing client demand to the best sources of liquidity (76%)
C) To accept that they may lose some business in contracts required to be traded on a Sef (12%)
So, there you have it. Single Dealer Platforms, where required will, route client trades to SEFs
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