trueex

CFTC Announced Package Trade MAT Phasing

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CFTC unveiled its approach to removal of the package trade exemptive relief on the SEF MAT obligation.   The short term focus is on MAT swap vs mandated cleared swap package and swap spreads vs US Treasuries.

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UBS's first agency IRS execution on NEO | IFR article

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The first IRS executed on UBS NEO agency exeuction platform happened last week.  Perhaps agency execution is off to a slow start but it's a start nonetheless.  Agency execution's success seems to partly depend on each SEFs relative implementation priorities and competitive strategy.

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A handy summary of SEF MAT scope / schedule

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We now know nearly everything we need to know about the SEF go live schedule (apart from what the outcome will be on packaged trades).  Here's a handy summary.

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MATerial consensus - now when is the live date? | SEF CFTC Submissions Converge (part 2)

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As a result of some CFTC dialogue and comment letters on the topic, we seem to be homing in on consensus around LIBOR only spot-starting and MAC/IMM swaps.

Re-submitted MAT letters

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MAT IRS Product Scope Consensus? | SEF CFTC Submissions Converge

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Perhaps a market consensus is starting to form on which products should be mandated on SEFs?

Why?   Javelin (in response to comments from CFTC and market participants) adjusted it's submission to move closer to those of TrueEx and TradeWeb.  (See Summaries of three MAT submission letters at the end for more details.)

Why not?  It's too soon to call a consensus because:

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