James Cawley was a co-founder of Javelin Capital Markets, the parent company of the pioneering Javelin SEF (swap execution facility). As regulators and the industry laid the groundwork for SEFs, Cawley took on a very public role in helping shape the rules and regulations of over-the-counter derivatives trading reform. Most recently, he led a key… Read More >>
SEFs Exchange Fire at SEFCON V
The claws came out at Wednesday’s SEFCON V conference as panelists representing swap execution facilities (SEFs) run by Bloomberg and UBS exchanged a series of playful jabs at one another, underscoring the rough-and-tumble reality of intense competition in a market that’s just getting off the ground. Responding to a question about the merits of the… Read More >>
FTF Panelists Applaud SEF Package Trade Rule Relief
Operations teams supporting derivatives trading at financial services firms across the nation breathed a collective sigh of relief Wednesday night, when CFTC Chairman Timothy Massad announced his agency will postpone rules that would force market participants to conduct package trades electronically via swap execution facilities (SEFs). Meanwhile, panelists at FTF’s DerivOps New York event on… Read More >>
Q&A: Most Want Relief from Packaged Trades
A senior analyst with Aite Group, David Weiss will be hosting a panel on packaged trading, “Taking the Whole Package,” for the DerivOps NY conference, sponsored by Financial Technologies Forum (FTF), and taking place Nov. 6. He took time from his schedule to answer FTF News’ questions about package trades and the pending changes to… Read More >>
SEF Bolsters Bitcoin Swaps via BitGo
Swap execution facility (SEF) TeraExchange has partnered with Bitcoin security platform BitGo to provide multi-signature, blockchain-based custodial services for USD/Bitcoin swaps executed on its SEF, according to a company statement. “By partnering with BitGo,” the statement says, “TeraExchange is the only player in the industry to provide its market participants with the ability to collateralize… Read More >>
James Cawley to Run BGC’s SEF
The interdealer broker has hired the former head of the pioneering Javelin SEF and a vocal advocate of over-the-counter (OTC) derivatives reform. Interdealer brokerage firm BGC Partners has hired James Cawley, a vocal advocate of over-the-counter (OTC) derivatives reform, to serve as CEO of its swap execution facility (SEF) subsidiary, BGC Derivative Markets, according to… Read More >>
Derivatives Markets Fear Fragmentation as Regulators Clash
Financial services firms that participate in derivatives markets on both sides of the Atlantic have found themselves treading difficult water for the past year or so, as regulators have struggled to harmonize cross-border market structure rules and regulations. Industry observers say European and U.S. regulators are on the same page as to the importance of… Read More >>
ICAP SEF Serves US, Europe
A dual swap execution facility (SEF) and multilateral trading facility (MTF), ICAP Global Derivatives Ltd. (IGDL) has officially launched and can serve U.S. and European clients. IGDL has gotten temporary swap execution facility (SEF) approval from the CFTC, which regulate it along with the UK Financial Conduct Authority (FCA), according to a prepared statement from… Read More >>
Charles River Offers SEF Support
Charles River, an investment management software vendor, reports that it has enhanced electronic trading support for swap instruments by integrating workflows to swap execution facilities (SEFs) with its investment management solution (IMS). “This integration helps clients comply with mandatory Dodd-Frank requirements to trade eligible OTC derivatives on a SEF,” Charles River says in a statement,… Read More >>
CFTC Delays Swap Package Execution as SIX Financial Launches FATCA Service
Bowing to industry concerns, the CFTC has delayed a requirement that swap packages be transacted via swap execution facilities (SEFs), and has clarified that the mandatory SEF-based trading of interest rate swaps and index credit default swaps will begin on Feb. 15. Swap packages were granted a reprieve from the SEF mandate via a no-action… Read More >>
