Transatlantic swap liquidity split persists – poll

US rules have broken the swap market in two, according to 60% of respondents to a poll

The UK's FCA sought to encourage QMTF applications

Regulators appear to have failed in their attempts to tackle a liquidity split created by two-speed swap market reforms in Europe and the US, according to the results of a poll.

Asked whether they had noticed a fragmentation of liquidity between US and non-US participants since the US swap execution facility (Sef) regime came into force last October, 60% of the 418 respondents said they had.

Fragmentation arises because US persons are subject to Commodity Futures Trading Commission (CFT

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