Experts split on MAT determinations

Rules allowing Sefs to make available-to-trade determinations continue to cause concern, but some think an aggressive approach is justified


The ability of newly minted swap execution facilities (Sefs) to determine which derivatives products should be subject to a mandatory trading obligation continues to worry swaps users, but some believe the pushback is a result of incumbents trying to protect the status quo.

Four Sefs have now submitted made-available-to-trade (MAT) determinations to the US Commodity Futures Trading Commission (CFTC) – Javelin Capital Markets, TrueEx, Tradeweb and MarketAxess. Once MAT status is agreed for a

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