MAT

SEF MAT weeks 4 and 5 | US reportable IRS fixed float volumes

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A brief update - SEF MAT weeks 4 and 5 numbers show fixed float IRS fairly stable.  Using any one week to form conclusions is questionable.  A March weekly average compared with January weekly average shows the downward trend of US reportable EUR and GBP and the stubborn refusal of USD to shift proportionately on SEF consistent with my prior posts.  Also we can start to compare swapfutures vs IMM/MAC swaps volume - courtesy of Amir's helpful post - so far there's a real race it would seem.

What do the Numbers Say

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US IRS volumes - SEF MAT cliff or steady decline?

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A couple of recent pieces suggested a dramatic downturn in SEF IRS trading in week 1 of MAT.   Such short-term effects may be shown significant by more weeks of data but my analysis suggests there is a steady decline since the beginning of the year across both on and off SEF IRS implying that Basel III and Dodd-Frank ET rules are more the causes.

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Blast Off for SEFs | Did the Market Move for You?

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As the first Made Available to Trade (MAT) for SEF trading came into effect on Feb 15, 2014, due to the Javelin submission, I decided to look at the data as reported to the DTCC US SDR as shown in SDRView.
What is now Mandatory to trade On SEF?
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Weekly Roundup | Trading | 17 February 2014

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Trading

Repurposing the Business

With regulation as a driving force, the financial services industry--and most critically the OTC derivatives landscape--is facing major change. Finextra: Repurposing the Business.

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CFTC causes ironic eTrading paper trail | Risk article

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Further to pushing eTrading offshore through footnote 88 of its SEF rules, another footnote (195) was clarified by CFTC to demand SEFs become a central source of paper ISDA master agreements for non-cleared products executed on their platforms - says a Risk article (subs. required).

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Bloomberg adds sponsored access - Agency Execution lift off? | FT article

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Bloomberg's announcement Wednesday published in the FT(subs. required) that it is going to allow sponsored access into its SEF may be another key step in the emergence of agency execution as a new way for buy side firms to trade swaps.

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Weekly Roundup | Trading | 6 February 2014

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Ready, SEF, Go

If 2013 was the year we spent forming our responses to the new rules for the derivatives industry, then 2014 will be the year we see if we got it right. Regulation Matters: Ready, SEF, Go.

 

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Where can I find the list of OTC products subject to the SEF trading mandate?

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Over at the Swaps Report they have made it easy to figure out which products are mandated to be traded on a SEF in the US. At some point something similar may happen with OTFs in Europe.

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SEF offshore push confirmed | ISDA analysis

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ISDA backed up December survey opinon with a January cleared transaction volumes analysis to show that CFTC's SEF rules already shifted D2D IRS volume offshore from the US.

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Weekly Roundup | Trading & Post-Trade Processing | 9 December 2013

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Trading 

Some SEF Trading Certainty – Finally!

Who would have guessed that Black Friday would have turned out to be a big day for SEF trading.  Both Javelin and Tradeweb resubmit their MAT filings, both scaling back the number of products made available for trading.  This is a big deal for a few reasons. Kevin On The Street: Some SEF Trading Certainty – Finally! 

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