Fragmentation of swap markets “tragic”, says FCA

Split will worsen if regulators do not act, warns Schooling-Latter

FCA headquarters

Regulators are to blame for a splitting of liquidity in euro interest rate swap markets during the past year, and must fix the problem before it gets worse, a senior official from the UK's Financial Conduct Authority (FCA) has warned.

Delegates at the Sefcon conference in New York on November 12 were presented with data showing a widening chasm in interest rate swap markets by Scott O'Malia, chief executive of the International Swaps and Derivatives Association, who was a commissioner at the

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