Bloomberg Sef success leads to fee criticism

Rivals claim they are being undercut; others say company is obstructing agency trading

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For $10, you can buy a nine-piece chicken bucket at KFC, a MetroCard worth four bus or subway rides in New York, a month's worth of cloud data storage or – if you happen to have a Bloomberg terminal – an interest rate swap of any notional size or maturity.

Admittedly, this is only Bloomberg's per-trade cost – users need to pay a bid-offer spread as well, with clearing costs on top – but it is a tiny fraction of the fees charged by rival swap execution facilities (Sefs), which typically vary acco

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