Pimco weighs use of interdealer order books

The sharp dividing line between interdealer and dealer-to-client swap trading is expected to become more fuzzy in the Sef era – and Pimco may seek to use nominally dealer-only platforms

William de Leon of Pimco
Bill De Leon, Pimco

Bond market behemoth Pimco is looking at whether to trade swaps on the central limit order books (Clobs) run by interdealer brokers – a market from which non-dealers have traditionally been excluded.

Rules in the US require swap execution facilities (Sefs) to allow access to all market participants, and Pimco is one of the firms that may take advantage.

"It's an ongoing process," said Bill De Leon, global head of portfolio risk management at Pimco. "We're looking at all possible venues that have

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