Aggregators accuse Sefs of unfair pricing

Bloomberg and Tradeweb charge 'unreasonable’ connectivity fees, two platforms claim

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Firms that aggregate interest rate swap liquidity from multiple swap execution facilities (Sefs) claim Bloomberg and Tradeweb are overcharging for connectivity – to the tune of hundreds of thousands of dollars per month.

The aggregators – independent software vendors (ISVs) – say they are unwilling to pay what they consider to be high connectivity fees to access the liquidity available on request-for-quote (RFQ) platforms operated by Bloomberg and Tradeweb.

Philippe Buhannic, chief executive of

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