It is not obvious exactly how much cleared dollar interest rate swap volumes fell on the first day of mandated Sef trading on February 2014, but fall they did. And with Japan going live with its electronic trading platform (ETP) mandate on September 1, you would expect brokers in Tokyo to be preparing for a sizeable fall in their yen IRS volumes.
But that isn't the case.
"We want to carry on as much flow as possible and do business as usual. In the interdealer market nothing is going to change m