Fixed Income Panel Talks Fragmentation and SEF Rules

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Michael O'Brien, Eaton Vance

Fragmentation will be a major concern for the buy side once the final rules governing swap execution facilities (SEFs) kick in, said Mike O'Brien, director of global trading at Boston-based Eaton Vance, at a Tabb Group conference last week on fixed income. In his case, however, the issue is not a lack of liquidity. It is the cost of the infrastructure that his firm will need to connect to the many new sources of liquidity.

"It's also not easy to do, aside from the explicit costs," he said. "Ther