Swap Trading avoids SEFs

The FT today has an article titled “Global swaps market faces fragmentation” (registration required).

The Tabb Group have published the results of their recent survey of US asset managers, hedge funds and regional banks. Results indicate that most trading activity has migrated to London avoiding SEFs.

The real question is whether this is a permanent shift or a temporary move in reaction to the lack of clarity around the US regulatory changes.

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