RFQ an obstacle to new entrants, says FIA PTG chairman

“Historical relationships” will make it difficult for prop traders and others to make markets on Sefs

A rusty padlock

Non-dealers that want to make markets on swap execution facilities (Sefs) will have to overcome the obstacle posed by request-for-quote (RFQ) trading that preserves "historical relationships" between large dealers and buy-side firms, according to Rob Creamer, president and chief executive of Geneva Trading and chairman of the Futures Industry Association's (FIA) principal traders group (PTG).

Since February 15, US market participants have been required to execute certain interest rate swaps on a

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