Euro swaps flee Sefs

Isda research finds Sef-driven liquidity split, with US dollar volumes growing and others shrinking

pitfalls
Sef volumes are split by currency

Trading in euro and sterling-denominated instruments on swap execution facilities (Sefs) has all but evaporated in the wake of a February 15 execution mandate from US regulators, according to research published yesterday, reinforcing fears that a lag in implementation of Europe's own rules has allowed liquidity to flee US platforms.

Trading in euro-denominated products that are subject to the Sef mandate – defined by a so-called made-available-to-trade (Mat) determination from the US Commodity F

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