GFI Introduces MAC Rate Swaps
The IDB joins a growing list of execution venues offering standardized coupons.
GFI joins Bloomberg and TrueEx, among others, in offering the new products, which come with pre-defined standard terms based international money market (IMM) dates and fixed rates already locked-in and determined by Sifma and Isda.
Buy-side firms and sell-side SEF aggregation portals such UBS Neo are eyeing MACs for their margin and line item efficiencies, and the ability to compress them easily. Clearing of swaps executed through GFI will be done via straight-through processing (STP) with CME
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