Sef boss spends his days ‘worrying about costs’

Flatlining volumes and crowded market mean new trading venues are struggling to make money and will consolidate, Isda conference is told

With competition fierce and volumes continuing to disappoint, it is no fun running a swap execution facility (Sef) at the moment, attendees at the International Swaps and Derivatives Association's European regional conference were told yesterday.

"I spend most of my day worrying about costs, writing cheques for costs and wondering where the revenue is," said Krishan Singh, head of Ice Swap Trade, speaking at the Isda conference. "We saw it as a business opportunity, and since then it has become