End-users believe Sefs will hurt swap market – Isda survey

Requirement to use new trading platforms will make market more costly, less liquid, end-users say

Stephen O'Connor, International Swaps and Derivatives Association

New execution rules for over-the-counter derivatives will make the market more expensive, less liquid and less easy to use, according to a survey of swaps end-users conducted by the International Swaps and Derivatives Association – results that raise questions about the regime, says the chairman of Isda, Stephen O'Connor.

"From an end-user's perspective, you have to ask whether it makes sense to force people to use a platform they don't want to," O'Connor says.

The rules force OTC derivatives to