Main SEFs in violation of equal access rules


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

BGC

04-Sep-13

19-Sep-13

Temp Status

2

Bloomberg

04-Jun-13

30-Jul-13

Temp Status

3

Dealer Web

03-Jul-13

06-Sep-13

Temp Status

4

GFI

22-Jul-13

13-Sep-13

Temp Status

5

Ice Swap Trade

05-Aug-13

20-Sep-13

Temp Status

6

Javelin

02-Aug-13

19-Sep-13

Temp Status

7

MarketAxess

15-Jul-13

16-Sep-13

Temp Status

8

SwapEx

30-Jul-13

13-Sep-13

Temp Status

9

Tradeweb

03-Jul-13

06-Sep-13

Temp Status

10

TrueEX

15-Jul-13

20-Sep-13

Temp Status

11

TeraExchange

30-Jul-13

19-Sep-13

Temp Status

12

360T

28-Aug-13

23-Sep-13

Temp Status

13

Integral

31-Jul-13

24-Sep-13

Temp Status

14

ICAP

03-Sep-13

27-Sep-13

Temp Status

15

Thomson Reuters

09-Sep-13

27-Sep-13

Temp Status

16

Tradition SEF Inc

09-Sep-13

25-Sep-13

Temp Status

17

Tullet-Prebon (tpSEF)

23-Aug-13

25-Sep-13

Temp Status

18

CME

17-Sep-13

04-Nov-13

Temp Status

19

Latam SEF

25-Sep-13

18-Nov-13

Temp Status

20

YieldBroker

27-Sep-13

 

Exempt  till 1 Dec

21

GTX SEF LLC

30-Sep-13

 

 

22

SDX Tradig LLC

01-Oct-13

 

 

One Response

  1. […] 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 […]

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