People: Sef start-up CEOs stand down

Three months after the start of mandatory Sef trading, two CEOs are moving on

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John Sullivan: replaces James Cawley at Javelin

Two swap execution facility (Sef) bosses have left their roles only three months after Sef trading became mandatory for some products in the US – a much-anticipated deadline that has not transformed the fortunes of start-up platforms in the way they had hoped.

Javelin Capital Markets founder and chief executive James Cawley is one of those leaving, while Tomas Zikas, head of State Street’s Sef, SwapEx, is also moving on.

Cawley says he stepped down primarily because of the slow start to Sef trad

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