While the rules trickle in for swap execution facilities, firms are investing in connectivity and platform design in anticipation of a deeper, more liquid market. As Tim Bourgaize Murray discovers, when it comes to the nascent SEF ecosystem, the future will borrow much from the past.
The opening scene of Through the Looking-Glass, Lewis Carroll’s 1844 sequel to Alice’s Adventures in Wonderland, finds Alice crawling through the mirror above her fireplace to discover on the other side a book of poetry, entitled Jabberwocky, the text of which is written entirely in reverse. Alice eventually solves this puzzle by holding the book up to the mirror—whereupon she finds that, while...
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