Forward-starting swaps surge as market avoids Sefs

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

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

If you already have an account, please sign in here.


Want to know what’s included in our free registration? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here