October 27, 2013

Weekly Roundup | SEFs and Footnotes 88 & 513 | 28 Oct 2013


Larger Buy-Siders Most Enthusiastic SEF Adopters

An absence of rules mandating use of swap execution facilities (SEFs) has concentrated the initial weeks of SEF trading to large asset managers and those testing connectivity, rather than a full embrace of the venues from the outset. The Trade: Larger buy-siders most enthusiastic SEF adopters

TrueEX Files CFTC Application to Offer Rate-Swaps Trading

TrueEX Group LLC filed an application to offer the most-active interest-rate swaps on its exchange platform, joining another firm in an action that may hasten the migration of derivatives to public markets. Bloomberg: TrueEX Files CFTC Application to Offer Rate-Swaps Trading

A Tale of Two SEFs: Javelin and TrueEX on Swap Trading

Two startups, Javelin Capital Market and TrueEX, are taking different approaches to offering swaps on their trading platforms, sparking some debate. Wall Street & Technology: A Tale of Two SEFs: Javelin and TrueEX on Swap Trading

Roll Out the Welcome MAT

On Friday afternoon Javelin SEF filed the first made available-to-trade (MAT) application with the CFTC (thanks Jamie for making us all scramble around on a Friday afternoon!).  This is great news.  The ball is rolling that will make SEF trading volumes finally matter.  But of course, as with everything derivatives reform, things are not yet cut and dry. Kevin On The Street: Roll Out the Welcome MAT.

MAT the MACs, or MAT Everything – Let’s Vote

trueEX yesterday filed their MAT application to start a CFTC review process alongside the one underway for Javelin’s application. Kevin On The Street: MAT the MACs, or MAT Everything – Let’s Vote.

The Results are In: What Parts of the Rate Curve Should Be Mandated for Trading First?

Earlier this week the first two made available for trading applications were made to the CFTC starting the clock ticking for mandatory SEF trading. Kevin On The Street: The Results are In: What parts of the rate curve should be mandated for trading first?

SEF Volumes: Week 3 and Best Practices

The third calendar week of SEF trading is completed. Recent news is that the first Made Available For Trading applications have been filed to the CFTC, so we may see SEF trading move from voluntary to mandatory in the coming months.  Until then, any data on SEF volumes needs to be taken with a grain of salt. ClarusFT: SEF Volumes Week 3 and Best Practices.

Wandering the Wild West of SEF Volume and Data Reporting

The third calendar week of SEF trading is completed.  So, how are the first few weeks of SEF’s trading going?  Regulators have been quick to announce that SEF’s have seen a successful start, while industry critics have quickly countered that more time is required to integrate the SEFs and onboard clients. DerivAlert: Wandering the Wild West of SEF Volume and Data Reporting.

MarkitSERV Tips US$1 trillion SEF Milestone

Reporting of OTC derivatives trading on swap execution facilities (SEFs) – including reporting and routing of trades to clearing houses – by provider MarkitSERV has surpassed US$1 trillion in notional. The Trade: MarkitSERV tips US$1 trillion SEF milestone.

Standardisation Needed in SEF Reporting Conventions

Sefs agree a lack of clarity on reporting requirements has created an inconsistent and fragmented view of trading activity. Standardisation needed in SEF reporting conventions.

Icap Appoints Chief Executive to its SEF

The world's largest interdealer broker Icap has picked a new chief executive for its electronic derivatives trading venue. Financial News: Icap appoints chief executive to its SEF.

Footnotes 88 & 513

Footnote 88 Prompts BlackRock to Abandon NDF Platforms

Asset manager returns to phone trading after electronic execution in foreign exchange contracts is forced onto Sefs. Risk USA: Footnote 88 prompts BlackRock to abandon NDF platforms.

I See Your Footnote 88, and Raise You Footnote 513, Or, Kafka Squared

In September, the CFTC’s new SEF rule threw swap market participants into a panic when they realized that footnote 88 buried within the rule would require instruments that were thought to have been outside the scope of the rule to be traded on the new SEFs. Streetwise Professor: I See Your Footnote 88, and Raise You Footnote 513, Or, Kafka Squared.

Banks Said to Seize ‘Footnote 513’ to Keep Swaps Private

Wall Street, trying to preserve profits from swap trading in the face of tougher scrutiny from Washington, has found a new way to keep some of its overseas deals private. It’s called Footnote 513. Bloomberg: Banks Said to Seize ‘Footnote 513’ to Keep Swaps Private.

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