Cleared US dollar swap volumes drop 80% on first day of Sef regime

Numbers compiled by Isda show huge drop - other sources claim smaller fall. Dealers say people "are tiptoeing their way in".

Tax burden falling

FEB 25 UPDATE: Isda made changes to its SwapsInfo service after this piece was published, resulting in a far higher trade count for February 18. Relative to February 14, the resulting drop in the number of trades is 32%. See note at end of article for more details.


Interest rate swap trading volumes fell more than 80% on the first day of mandatory trading on swap execution facilities (Sefs) in the US, according to data collected by the International Swaps and Derivatives Association. Other

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