Liquidity has effectively fragmented in the US and Europe due to the tough US Dodd-Frank rules
The separation of US and
European swap liquidity pools could become entrenched as
regulatory uncertainty on cross-border execution drags
A major concern following the advent of swap
execution facility (Sef) regime is the concentration of US
persons trading dollar denominated swaps on Sefs while
Europeans trade Euro/Sterling-denominated swaps only on the
multilateral trading facilities (MTFs).
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