Aggregators accuse Sefs of unfair pricing

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


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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