With the publication of final rules on swap execution facilities (SEFs) in the Federal Register, the reforming derivatives market has entered a new phase. It is time to stop speculating on the rule-writing process and start focusing on the fledgling market structure itself, as well as new execution models.

TABB Group would like to know with how many SEFs market participants intend to register, whether they would prefer to trade on a SEF versus a Designated Contract Market (DCM), and which asset classes will benefit most from the so-called futurization trend. We would also like gauge attitudes toward certainty of clearing solutions, potential mutations in the swap product, and anticipated volume trends.

One consequence of the SEF rules may be to encourage participants to continue bilateral rather than multi-lateral trading for illiquid swaps not required to be cleared. These so-called permitted trades can still be executed on single-dealer platforms. In light of this, we’d also like to know how much of the swaps market, if any, will migrate to SEFs and when, if ever, we might expect an order book for swaps trading.

To participate in the brief survey, please click here.

The survey is anonymous and will take just 10 minutes to complete. Participants will receive a complimentary copy of the final report.