Learning to share the swap market


When swap execution facilities (Sefs) first arrived on the scene, they were wild, rebellious, tattooed upstarts. They stayed out late, they smoked, they put their boots on your coffee table and talked about how they were going to change the world.

Then regulators got to work on them, and they aged quickly. The youthful brio got lost, somehow, in all the agonising about made-available-to-trade, block size thresholds, limit checks, clearing certainty, voice trading, enablement mechanisms, footnote

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