![]() “There are few alternatives for the inter-dealer market, which is why we think IDBs have dominated rates so far.” “We think this is dealer-to-dealer-volume that was previously executed electronically and has now migrated over to SEF trading,” Alexander added. Niamh Alexander, an analyst at KBW, estimated in a report on October 24 that Icap was trading a daily average of $54bn of interest rate swaps on its SEF, a 38% market share, with Tullet Prebon next with 25%. 1 its deadline to comply with certain requirements. As called for under the Dodd-Frank financial reform act, some SEFs launched about a month ago, but the Commodity Futures Trading Commission pushed back to Nov. Since the financial crisis regulators have been pushing for derivatives to move from trading over-the-counter market to exchanges where they can be centrally cleared. “We thought that incumbents would benefit in the early days of SEFs and we have had solid support from our customer base,” Chris Ferreri, managing director at ICAP North America told Markets Media. Icap said it’s handling about 40% of interest rate swap volume on the swap execution facilities that launched this month and the inter-dealer broker has hired a CEO for its US SEF to expand the business. ![]()
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