Tradition and Tullett Prebon draw fire in Sef volumes flap


Differing trade reporting practices are distorting market share numbers for swap execution facilities (Sefs), and could give some platforms an unfair advantage, according to their rivals. Two of the five big interdealer brokers are said to report and display all parts of some multi-legged trades as separate items. That results in a doubling or tripling of volumes when the data is aggregated in third-party reports, rivals complain – potentially making it easier for those platforms to att