Central limit order book (Clob)
Massad: Sefs fear retaliation if they end name give-up
Isda AGM: CFTC chair is "very concerned" by claims that firms are being shut out of Sefs
CME price limits caught out by Swiss franc surge
Exchange bins month-old rule after it led to huge spot-futures basis
CFTC close to 'game-changing' guidance on Sef anonymity
Agency could prevent Sefs from revealing identities of order book participants - a practice some buy-side firms claim is a way of preserving dealer interests
Giancarlo: CFTC has no right to end swap market split
The CFTC has no mandate to decide on the appropriate structure for swap market liquidity, commissioner argues at conference
Giancarlo: scrap CFTC Sef rules and start over
CFTC commissioner Christopher Giancarlo has called for the Sef rules to be torn up and rewritten, and for swaps traders to pass exams before being permitted to trade
Best price is best execution in new OTC market – Risk.net poll
The arrival of limit order books in the swaps market could shake up best execution policies – more than four-fifths of poll respondents say price should be the only consideration
CFTC to test role of anonymity in Sef order book flop
Buy-side firms say they are being discouraged from using some swap order books because their identity is disclosed post-trade – an old practice that regulators are poised to kill off. But opinions are split on whether that will kick-start order book…
RFQ an obstacle to new entrants, says FIA PTG chairman
“Historical relationships” will make it difficult for prop traders and others to make markets on Sefs, says the chairman of the Futures Industry Association’s principal traders group
Pimco weighs use of interdealer order books
The sharp dividing line between interdealer and dealer-to-client swap trading is expected to become more fuzzy in the Sef era – and Pimco may seek to use nominally dealer-only platforms
Push, ping or hub: industry tackles risk of clearing fails
An industry working group is about to publish principles on how to ensure swaps that are subject to a clearing mandate can be guaranteed to clear. But that masks sharp divisions within the industry over which entity should control the process. By Peter…
Available to trade: row over scope of Dodd-Frank execution rules
The Dodd-Frank Act requires cleared over-the-counter trades to be executed on an exchange or swap execution facility – as long as at least one venue makes the swap available to trade. So, who gets to decide when a swap meets that criterion? Peter Madigan…
Middleware vendors face turf war with Sefs
Middleware vendors looked set to be big winners in the overhaul of over-the-counter derivatives markets, but they face competition from swap execution facilities. By Michael Watt