Signs of CLOB Progress as Aggregators Adopt MAC Swaps

Product standardization will key order books' rise

Paul Hamill
Paul Hamill, UBS

Two realities about new electronic swaps execution were painfully clear even before made available to trade (MAT) mandates officially went live for certain contracts earlier this year.

First, whatever regulators' intentions for swap execution facilities (SEFs), they would prove no panacea—and that has shown true as trading volumes have tapered.

This is, in part, because firms are still adjusting to the new paradigm, including higher mandatory margin and clearing costs, and market conditions. But