Dealers and Sefs divided over sponsored access

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From today, swap users have to trade on one of the over-the-counter market's new platforms when executing certain interest rate swaps under US rules, but they don't necessarily need to execute in their own name. The arrival last week of so-called sponsored access trading at Bloomberg and Tradeweb – in which a client can trade via a dealer's account – sparked a flurry of coverage. It also sparked a debate about whether the concept has a future.

Supporters including Credit Suisse and UBS argue tha

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