Sefs not expecting a big bang from Mat spark

As the Sef trading mandate arrives, platforms are primed for a jump in volumes – but with many clients currently avoiding Sefs, it may be a small bang, rather than a big one. Tom Osborn reports

This year, Valentine's Day marks the end of the over-the-counter market's long, largely monogamous love affair with the phone. When trading restarts in the US on February 18, following a national holiday, many interest rate swaps will have to trade on a swap execution facility (Sef) – and, as with any new relationship, it may start slowly.

In theory, the arrival of the mandate – set in train by