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Buy-side Firms Slam Broker SEFs Over Lack of Anonymity

By Peter Madigan
October 24, 2014 Risk

"When I trade in a Clob I want to be anonymous," says Eaton Vance's O'Brien. But broker-run platforms claims users want to keep name give-up

An old broking practice is causing unrest in the new world of swap execution facilities (Sefs).

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Citadel "Nervous" About Lack of SEF Competition

By Peter Madigan
October 22, 2014 Risk

Swap end users raise concerns about Sef competition - and are also worrying about execution rules for NDFs and package trades

Derivatives end users are increasingly worried that just two swap execution facilities (Sefs) - Bloomberg and Tradeweb - are dominating dealer-to-client trading. Innovation coud suffer and costs could rise if there is no competition, they warn.

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Shouts on Bond-Trading Floor Yield to Robot Beeps

By Nathaniel Popper
Published October 20, 2014 DealBook/The New York Times

The face of automation on Wall Street is a computer hooked up to nine blinking screens that goes by the name Quantitative Market Maker, or Q.M.M.

Until last year, the work that Q.M.M. performs was handled by human traders at JPMorgan Chase, who would shout prices into a phone and yell “Done!” when the trade was executed.

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SEFs Still Looking for the Buy-side to Bite

By Jon Watkins
Published October 17, 2014 The Trade

New ways of attracting buy-side participation on swap execution facilities (SEFs) are emerging after a year of relatively slow progress for the US electronic trading platforms.

SEFs launched in October last year in line with regulatory mandates for OTC swaps to be executed electronically on the venues and then centrally cleared.

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DTCC Creates Committee to Lead Effort in US Move to T+2

Published October 17, 2014 The Trade

New ways of attracting buy-side participation on swap execution facilities (SEFs) are emerging after a year of relatively slow progress for the US electronic trading platforms.

SEFs launched in October last year in line with regulatory mandates for OTC swaps to be executed electronically on the venues and then centrally cleared.

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Recovery Rules Could Force LCH and ICE to Accept More Risk

Published October 20, 2014 Risk

CCPs will be unable to pass on operational losses to clearing members, according to new CPMI-Iosco guidelines, which goes against the approach taken by Ice Clear Europe in the UK Central counterparties (CCPs) will have to absorb all losses related to operational failures, according to new international guidelines - a decision that contradicts the approach taken by Ice Clear Europe in response to recent UK legislation.

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DERIVATIVES: SEF Rulebook Review Could Shuffle Market

By Mike Kentz
October 15, 2014 IFR

Swap execution facilities awaiting final confirmation from the CFTC regarding their status as registered derivatives trading platforms say that eventual decisions made by the agency are likely to rattle a so-far benign market.

The CFTC is in the process of reviewing SEF rulebooks to update the current ‘provisionally registered’ status that it has afforded the 24 platforms currently executing over-the-counter swaps under Dodd-Frank execution rules.

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CFTC's Giancarlo Barred from Meeting SEF Bigwigs

By Joe Rennison
Published October 10, 2014 Risk

Former GFI staffer and WMBAA board member cannot speak to ex-colleagues in CFTC role - an outcome one Sef describes as "bizarre"

Chris Giancarlo, one of three recently appointed commissioners at the US Commodity Futures Trading Commission (CFTC), is barred by conflict of interest rules from meeting with former employer GFI Group as well as any board members of the Wholesale Markets Brokers' Association Americas (WMBAA), where Giancarlo was also a member.

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CME Plans to Corner Invoice Spread Trading, Dealers Claim

By Peter Madigan
Published October 9, 2014 Risk

Dealers claim “high farce” after CME rule change prevents packages being traded at other venues

CME Group has sparked outrage among dealers by discussing plans to launch invoice spread trading on its swap execution facility (Sef). Critics claim this would allow it to corner the market, after a rule tweak by the exchange in March this year effectively made it impossible to execute the trades at other venues. Invoice spreads pair up interest rate swaps with CME-listed US Treasury futures in a single package.

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SEFs Chafe at Footnote 195

Published October 1, 2014 Markets Media

Some market participants are concerned that professionals in the embryonic swaps execution industry may get buried in paperwork related to the agreements that swap counterparties must adhere to.

A footnote (Footnote 195) of the Commodity Futures Trading Commission’s swap execution facility rules requires that SEFs become a central source of paper ISDA master agreements for non-cleared products executed on their platforms.

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