November 11, 2013

Weekly Roundup | Trading | 11 November 2013


SEF MAT Submissions: Reality Check

Implementing the Made Available to Trade rule will transform the swap market. But based on early SEF submissions to the CFTC, the industry needs clarity on which swaps will qualify. Tabb Forum: SEF MAT Submissions: Reality Check.

Javelin Capital Markets: The Gate-Crasher

The countdown to mandatory trading on swap execution facilities started last month when Javelin Capital Markets became the first Sef to file a product list with US regulators. Its chief executive, Jamie Cawley, tells Peter Madigan why market participants have nothing to fear. Risk: Javelin Capital Markets: The Gate-Crasher

CME Group Wins Designation as Electronic Swaps Market

CME Group Inc received regulatory approval to operate a swap execution facility that will initially focus on commodity swaps, the biggest U.S. futures market operator said on Monday.

SEF Volumes for Week 5 | ClarusFT

Following on from our Week 4 Update, we have now published figures for Week 5. ClarusFT: Analysis of SEF Activity for Week 5.

The CFTC Killed SEF Trading (for now)

Last week was a busy week in SEF land. November 1 brought in to play a host of new rules, the MAT wars heat up and the Commission made the void rule even more confusing than it was before. So where has that left us? With a huge drop in SEF volumes and a bunch of new questions. Kevin On The Street: The CFTC Killed SEF Trading (for now)

Reading the SEF Tea Leaves

A little more than a month after swap execution facilities opened for business, what can a look at the data tell us about who is winning and who is losing ground? Tabb Forum: Reading the SEF Tea Leaves.

Mandatory SEF Trading Does Not Equal Mandatory Electronic Trading

Forgive me if I’m stating the obvious for some of you, but I’ve had this conversation more than once and felt some clarity was in order here. As we work through the made available to trade (MAT) process, it’s important to reemphasize what actually will be required on mandatory SEF trading day 1. Kevin On The Street: Mandatory SEF Trading Does Not Equal Mandatory Electronic Trading.

Sefs Cause Two-Tier Market as Asia OTC Liquidity Splits

Swap execution facilities started life on October 2 and they have already created separate pools of liquidity in the Asian market. How have Asian firms reacted to the new reality? Risk: Sefs Cause Two-Tier Market as Asia OTC Liquidity Splits.

MAT IRS Product Scope Consensus? | SEF CFTC Submissions Converge

This article discusses whether a market consensus could be forming on which products should be mandated on SEFs, given Javelin's recent MAT submission. The OTC Space: MAT IRS Product Scope Consensus? | SEF CFTC Submissions Converge.

Sefs Have Work to Do on Impartial Access – Gensler

Some Sefs are not offering equal terms to all market participants, CFTC chairman tells industry conference. Risk: Sefs Have Work to Do on Impartial Access – Gensler

Other Trading News

Swap Margin Check in 10 Millisecs

Clarus Financial Technology today announced the release of its CHARM product, for pre-execution or pre-clearing acceptance checks of Interest Rate Derivative trades. The OTC Space: Swap Margin Check in 10 Millisecs.

HFT Makes Markets More Efficient – ECB Paper

As European law-makers close in on a deal to tighten rules on high-frequency trading, a new paper from the ECB warns that curbing the practice could make markets less efficient. FinExtra: HFT Makes Markets More Efficient.

Single-Dealer Platforms Evolve and Remain Relevant

The evolving global regulatory landscape is fundamentally changing how banks operate, the returns available, the business lines and markets in which they can effectively compete, and the way in which they interact with and service their clients via their Single-Dealer Platforms. Single-Dealer Platforms Evolve and Remain Relevant.

LCH Extends FX Derivatives Clearing to the Buyside

LCH.Clearnet, the clearing house majority owned by the London Stock Exchange, has taken the next step in its preparation for US swaps reforms with the introduction of FX derivatives clearing for the buyside. Financial News: LCH Extends FX Derivatives Clearing to the Buyside.

Ten Quirky Facts about the History of Commodity Markets

It seems the fixing scandal has come to commodities. Before we all get lost in the jargon filled world of straddles and assayers, it might be worth brushing up on the some of the less well known facts about the market. Financial News: Ten Quirky Facts about the History of Commodity Markets.

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