Prop shops to rival dealer market-makers on broker Sefs
Impartial access rules for Sefs allow firms to gatecrash interdealer market
Rules that require swap execution facilities (Sefs) to offer impartial access are set to bring years of over-the-counter market tradition to an end, by allowing hedge funds, proprietary traders and asset managers into the clubby, interdealer portion of the market.
A number of these firms are now in talks to join broker-run Sefs that are currently the preserve of incumbent dealers. The firms are
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