Best price is best execution in new OTC market – Risk.net poll

Focus on price could threaten old swaps trading relationships

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Price is the only thing that matters when seeking best execution in the revamped swaps market, according to the overwhelming majority of respondents to the latest Risk.net poll. The result suggests the over-the-counter market could be transformed if the prices available on central limit order books (Clobs) improve.

In total, 377 of 480 respondents to the poll – 81% – said best execution should be defined as "the best available on-screen price".

Traditionally, buy-side firms have executed swaps

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