Swap execution facility volumes are creeping up month-on-month and this should continue as buy-side gear up
The new breed of US swap trading systems face numerous
challenges in the coming months despite the so-called swap
execution facilities (Sefs) seeing record volumes last
The Futures Industry Association’s (FIA) swap
execution facility (Sef) tracker said there was a significant
uptick of over-the-counter (OTC) derivatives in June after
months of relatively slow trading in the aftermath of execution
reforms that took effect in February.
The FIA Sef tracker, which tracks volumes for 19 Sefs and
designated contract makers (DCMs), reported in June the
notional volume for all interest rate swaps traded was $8trn,
up nearly $1.8trn on the previous month.
Electronic trading platforms such as Icap’s USD
interest rate swaps platform i-Swap and
Tradition’s Trad-X both reported record notional
volumes in June of $26bn and $50bn respectively.
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