Making Swap Execution Facilities (SEFs) successful (CFTC roundtable)


I know it’s a bit late, but back in March the CFTC (Scott O’Malia) held public meetings to explore the ‘attributes necessary to make swap execution facilities (SEFs) successful’.

The round table discussions were fascinating to watch, as market participants attempted to explain to the CFTC the subtle (and very often inverse) relationships (read trade-off) between (forced) transparency and (true) liquidity, worth watching here.

Tabb group also provided a report on the technology implications and costs of Dodd Frank on Financial Markets., showing that they estimated that the largest dealers (top 15 firms) would spend some $1.8bln on restructuring their businesses for Dodd Frank, of which some $560mln would be spent on e-commerce and low touch distribution.

The SEF showcase was followed up by a number of presentations from market participants and potential SEF providers, highlighting issues and value propositions. This one from BlackRock, is worth going throughDodd-Frank Derivatives Regulation Interconnectivity

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