Forward-starting swaps surge as market avoids Sefs

Derivatives users look to non-standard swaps to avoid Sef execution mandate

cftc-hq
CFTC headquarters

The use of forward-starting interest rate swaps has surged as US derivatives users attempt to avoid executing trades on swap execution facilities (Sefs), a Commodity Futures Trading Commission (CFTC) committee has heard.

Speaking at a meeting of the CFTC's Technology Advisory Committee yesterday, Tod Skarecky, senior vice-president for the Americas at Clarus Financial Technology, said only a little more than half of US dollar fixed-to-floating interest rate swaps are traded on Sefs. The

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