As the countdown continues toward the expected February mandatory trade execution deadline for cleared swaps, futures commission merchants (FCMs) require new workflow and order management capabilities.
“These last 12 months have picked up remarkably because of all the regulations,” said Justin Llewellyn-Jones, chief operating officer and global head of derivatives at Fidessa. “The CFTC SEF rules essentially dictate FCMs need an order management system; they basically need an audit trail. In equities, they’ve had this for years. In the derivatives world, they haven’t had that workflow mentality.”