Sefs cause two-tier market as Asia OTC liquidity splits

Divide and rule

two-goldfish

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 that the traditional broker market didn't and once the mandatory date kicks in we understand why it

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