As the OTC Marketplace Evolves, More SEFs May Rise

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Barry Smith, Equinix

Barry Smith, director of global exchanges and trading venues at Equinix, believes that in 2014, we could see consolidation begin the 22 newly minted swap execution facilities (SEFs) in the US. But even though many presume there will be fewer SEFs in the future, Smith says people shouldn't be so quick to assume that consolidation is the end state. "I've heard people say that we're not going to see that many SEFs in a few years," he says. "Well, if you look at the equity space and dark pools, t