With Swap Volumes Slacking, Tech to Serve as SEFs' Differentiator


In February, mandatory trading of certain swaps on a swap execution facility (SEF) or designated contract market (DCM) kicked into effect, with other contracts gradually going the same route on a "made available to trade" (MAT) basis. As these new rules have taken effect, trading volumes on SEFs have softened, and smaller players in particular have had to adjust.

According to reports conducted separately by ISDA and Tabb Group, while volumes of interest rate swaps (IRS) have moderately and tempo