Bloomberg: Approaching the terminal

Approaching the terminal

Ben Macdonald

As things stand, swap execution facilities (Sefs) only exist on paper. But that makes it easier for would-be operators of the platforms to engage in a kind of origami – taking the flat outlines that appear in the Dodd-Frank Act, then folding and bending them to suit changing competitive and strategic dynamics. Bloomberg is a good example. It plans to launch a cross-asset class Sef that will generate revenues through sales of Bloomberg terminals – but that business model would make