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The Americas derivatives community came together in New York to recognise and celebrate outstanding achievements across the industry
The derivatives market gathered in London on Thursday night to celebrate its leading players
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With the start of regulation specifying certain derivative transactions be traded on swap execution facilities, some firms have struggled with the on-boarding process involved in signing up to the slew of varying SEF rulebooks. Models, therefore, which allow market participants to connect to multiple SEFs without the regulatory burden of being a direct participant, are gaining traction. Beth Shah reports.
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At the beginning of this year, derivatives trading experienced one of its biggest reforms to date with the mandate to trade certain instruments on swap execution facilities coming into effect. GlobalCapital hosted a roundtable with senior buyside representatives, as well as other market providers, to examine the new SEF structure and how end users are adapting to the new market. The topics of discussion included the challenges when signing up to SEF rulebooks, the desire for more liquidity in central limit order books and how significant barriers still remain between European and US regulation and what, ultimately, can be done to achieve harmonisation.
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The rapid deployment of swap execution facilities has left many sellsiders uneasy that gaping holes in security, in addition to major technological flaws in the market’s infrastructure, will only be realised in times of market stress. Daniel O’Leary reports on the concerns of sellsiders surrounding SEFs and why the fixed income market should look to the equity market for potential technology and liquidity challenges going forward.
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Developing a swap execution facility is an arduous task, requiring significant capital, time, technology and market expertise to attract sizeable liquidity. For some, attracting that liquidity has been a missing component. Daniel O’Leary reports on the challenges facing SEFs and whether consolidation will occur during the next 12 months.
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Market participants in the new market structure featuring swap execution facilities anticipate fewer SEF platforms and more defined regional pools of liquidity. In a roundtable hosted by GlobalCapital, senior officials from the buyside, sellside and the SEFs discussed the issues including package trades, buyside access and the latest developments being pursued by platforms across credit, FX and interest rates.
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Identified as the US solution to SEF equivalence in Europe, ‘qualified’ multilateral trading facilities have so far failed to materialise. Now that liquidity has fragmented and regulatory negotiations have reached an impasse, Hazel Sheffield looks at what impact the MTF dialogue will have on forthcoming cross-border regulatory initiatives.