A core CFTC principal for SEFs, is that they make publicly available information on price, trading volume, and other trading data on swaps to the extent prescribed by the Commission.
I had started to go through each SEFs website link for market data and traded volumes to see what is being traded on each SEF, but as it’s all in different formats, it’s a real pain to easily compare venues.
But, luckily for me, ClarusFT beat me to it. They have published a great post on SEF volumes, which is worth reading (includes caveats about the data), and below I have shown the table they have produced. Thanks to Kevin McPartland, and his blog KevinontheStreet, for highlighting the SEF market data links – great to see you blogging again, now you are at Greenwich Associates!
Although it’s from last week, it’s interesting to see what is trading, and where.
SEF volumes in (mln US$) taken from SEF websites (source ClarusFT)
MarketsMedia has some interesting comments from market participants, who have likened last weeks trading to a soft launch, as they get used to the new platforms and the differences between them. Such as order book protocols, which seem to vary between SEFs, according to Paul Hamill, Head of eCommerce for rates and credit at UBS;
“We’ve seen some platforms come out with a named order book — if you put a price into it, it’s attributed to you,” he continued.
“This will likely receive mixed feedback as it can arguably be seen as a disincentive for customers to put liquidity into the platform. At the other extreme you may have people who are offering full central-limit order books, (with) truly anonymous access to bids and offers, etc.”
Full article from MarketsMedia here
Filed under: Web trading technology |