Swap execution facility (Sef)
The platforms of 2012: Thomson Reuters
Thomson Reuters has refrained from making the major changes to its FX platforms that rival EBS has made in recent years, but that allegedly unresponsive approach has to some extent been vindicated by the challenges EBS has faced. In the latest in a…
Sef connectivity hurdle looms for bank platforms
Many single-bank platforms have elected to connect to swap execution facilities, where they can route regulated products rather than losing that business altogether. But the new model requires connectivity to multiple platforms, which could be costly and…
Deutsche Bank unveils hybrid blotter on revamped Autobahn FX platform
Deutsche’s new single-dealer forex platform centres around a trade blotter that allows users to manage their voice and electronic business through a single interface – a first for the industry, the bank says
Bloomberg connects to CME for NDF clearing
Bloomberg has connected its FXGO platform with CME Group to enable NDFs traded on its platform to be cleared through the exchange
Mifid amendments lift barrier to brokers owning OTFs
Tweaks to Mifid text would allow owners of OTFs to engage in matched principal trading
Spotlight on: James Watson, FXall
FXall’s newly appointed head of Europe, the Middle East and Africa talks to FX Week about his recent move from an equity sales role at Morgan Stanley into the FX market, and his aspirations for the platform’s European business
Spotlight on: Ron Levi, GFI Group
The interdealer broker’s chief operating officer talks to Joel Clark about the growth of GFI Group during its 25-year history, its strengths in foreign exchange, and why he expects to be among the first wave of brokers to register as a Sef under the US…
Global inconsistency remains a challenge for would-be Sefs
An ongoing lack of clarity and the potential for extraterritoriality in swap execution facility rules is creating a bumpy ride towards registration, according to three putative Sefs
Dodd-Frank rule-making will drag to Q4, says CFTC's O’Malia
CFTC commissioner raises doubt over time line for Dodd-Frank Act – despite a proposed five-month delay
No need for Sef Clarification Act, says CFTC's Gensler
Dodd-Frank requires transparency for derivatives trading, CFTC chair says - and final Sef rules will reflect that
Sprint to the finish line for would-be Sefs
With the clock ticking ever closer towards the G-20’s end-of-2012 deadline for implementation of over-the-counter derivatives market reforms, and some of the critical details of those reforms still not fully fleshed out, the scene is set for an almighty…
Platform rules for OTC markets could decimate smaller players, warn panellists
Single-dealer platforms and smaller market participants will suffer under new OTC regulations, according to speakers at Fix Protocol trading conference
The secret weapons of e-commerce
Banks don't have long left to finalise and implement changes to their single-dealer FX platforms
Corporates fear move to platform trading for FX options
Despite being exempt from clearing and exchange trading requirements in the US and Europe, some corporate treasurers fear they might have little choice but to execute FX options on electronic platforms
Spotlight on: Jeffrey Hogan, BGC Partners
BGC’s managing director for business development talks to Joel Clark about the interdealer broker’s voice and electronic broking capabilities in FX, and his extensive work with regulators to ensure new rules for over-the-counter derivatives are…
Profile: Credit Suisse Advanced Execution Services
Credit Suisse is one of a number of banks to have invested heavily in its algorithmic trading capabilities over the past decade. Clive Davidson talks to the bank’s algo trading team to find out how it plans to leverage its success in equity and FX…
Spotlight on: Mike Harris, Campbell & Company
The director of trading at commodity trading adviser Campbell & Company talks to Miriam Siers about the current trading environment and the challenges in the market for buy-side traders
Regulation will reshape FX liquidity, says Rule Financial
Uncertainty about regulatory changes could hurt liquidity in the first instance, but the advent of Sefs might cause trade volumes to rise, according to consultants
Taking stock of 2011: Technology
Upgrading forex trading systems to prepare for regulatory change or simply keep pace with competitors has been a key trend of 2011 for all participants. In the final part of a series of articles taking stock of the year so far, Miriam Siers and Chiara…
OTC derivatives reform will lead to algo boom, banks predict
Dodd-Frank and Sefs set to encourage growth in algorithmic execution of OTC derivatives, say dealers
Sefs lose their painful bite
The prospect of swap execution facilities under the Dodd-Frank Act initially struck fear into the operators of single-dealer platforms facing a possible loss of business. The appearance of the Sef Clarification Act last month, coupled with a changing…
FX Invest: Rise of the super-Sefs
The Dodd-Frank Act created a multitude of would-be swap execution facilities (Sefs) – trading platforms that will aggregate dealer liquidity. Now, dealers want to hoover up the Sefs by building their own aggregation services, but it’s a strategy that…
Thomson Reuters reveals new timeline for Sef compliance
Vendor's conversational dealing platform will be Sef-compliant and subject to a new global rulebook by mid-2012, Thomson Reuters announces today
Deutsche's Autobahn spin-off plan shelved
Dodd-Frank caused Deutsche to look at reinventing its Autobahn platform as a Sef – but dealers now see a future for their platforms as price aggregators