On the face of it, Neo is a single-dealer platform much like any other. Its unique selling point, and the reason it appears in this category, is its aggregation of prices from 10 swap execution facilities (Sefs).
That was always a bet on the future of the market. The service has some appeal if a large number of Sefs exist, if they all have their own rulebooks, and their own post-trade workflows – all of which is true today. It means a Neo user can access a number of Sefs via a single piece of so