Sefs cause two-tier market as Asia OTC liquidity splits

Swap execution facilities (Sefs) are critical to regulatory oversight of the over-the-counter derivatives market: what's not measured is not managed, and without forcing dealers to move from bilateral deals to exchange-based ones it will be impossible for supervisors to gain all critical market insight they are looking for.

Dealers, however, are less impressed: "We don't see Sefs offering anything