The Right Cross: Rate Swaps Nearing Cross-Margining Frontier

Much of the focus around swaps execution reform, now in its final stages in the US, has focused on the pain (and cost) inflected by central counterparty clearing and the effectiveness of the system to incentivize SEFs and derivatives clearing members (DCMs) to buy in. Less attention has been paid to the opportunities that reform offers for providers of both liquidity and technology to advantage the buy side, while it, too, enters the newly uncertain environment.

A State Street report produced in