SEFs will turn what is now a deep and liquid market into a broad and shallow one, she said. She pegged the number of SEFs that will initially register at 17-20.
Observers were warned that they will need to get used to, perhaps for the first time, being a consumer of and provider of liquidity. "Being a price maker may not be natural to a lot of asset managers because for decades, best execution has made us a consumer of liquidity," she said. "But you're going to see that behavior change. The buy
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