Buy-side firms slam broker Sefs over lack of anonymity

Name give-up a way of shutting market to non-dealers, critics claim

michael-o-brien
Michael O'Brien, Eaton Vance

An old broking practice is causing unrest in the new world of swap execution facilities (Sefs).

When interdealer brokers pair up two banks in a swap transaction, the identities of the firms are subsequently revealed to each other – a process known as post-trade name give-up, which is essential for book-keeping and risk management purposes. But broker-run Sefs still employ the practice for their central limit order books (Clobs), even though the trades are centrally cleared, meaning the

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