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SEF Market 2014 - Euromoney

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The state of the SEF market - a research by Euromoney August 2014.
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  Published in conjunction with:    THE STATE OF THE SEF MARKETDESTINATION UNKNOWN  ONE COMPANY YOUR SOLUTION Thomson Reuters FX. Your partner of choice. Now there’s a single source for everything you need to make the most effective decisions throughout the FX trading life cycle. You get easy, intuitive access to the global community, actionable insights, deep sources of liquidity, and a full range of execution and workflow management tools, including support for Dodd-Frank Act compliant FX trading through the Thomson Reuters SEF . Welcome to the trusted, independent future of foreign exchange. Find out how we can optimize your foreign exchange trading. Visit:  yourfxpartner.thomsonreuters.com   FXall is authorized and regulated by the Financial Services Authority © 2014 Thomson Reuters 1007822/8-14Thomson Reuters and the Kinesis logo are trademarks of Thomson Reuters. C      O     M   M   U  N  I   T   Y    L   I  Q   U   I   D  I   T  Y E       X      E      C      U     T      I       O     N      M    A   N    A   G    E    M   E   N   T    W  O  R  K   F   L  O   W     &   O    R    D    E    R     M    A    N    A   G     E     M      E     N       T I   N    S   I   G    H    T    THOMSON REUTERS  OVERALL MARKET SHARE WINNER MULTI-DEALERPLATFORMS  SEF MARKET 󲀓 DESTINATION UNKNOWN  3 AUGUST 2014 CONTENTS INTERVIEW: SCOTT O’MALIA,   COMMISSIONER, CFTC    When Scott O’Malia approved the nal swap execution facility (SEF) rules in August 2013, he did so “reluctantly”. His fears were realized when the regime quickly wrought international havoc. In one of his last interviews before leaving the US Commodity Futures Trading Commission (CFTC), he relives the ordeal of bringing these rules to market and highlights many of the challenges still to come. 5 SEF SURVEY RESULTS: FX MARKET   SEF S  STRUGGLE TO GAIN TRACTION WITH CLIENTS 16 SEF SURVEY RESULTS: IRS MARKET   INTERNATIONAL PLAYERS SLOW TO ADAPT 18 MARKET FOCUS: FROM CONFUSION TO CONSOLIDATION Swap execution facilities were supposed to bring transparency and price certainty for the whole market. Instead, though, they have forced traders back onto the phones and fragmented liquidity internationally. But whether markets like it or not, the changes are here to stay, so how best to adapt? 9 Euromoney Trading LtdNestor HousePlayhouse YardLondon EC4V 5EX Telephone: +44 20 7779 8888Facsimile: +44 20 7779 8739 / 8345 Chairman: Richard Ensor Directors: Sir Patrick Sergeant, The Viscount Rothermere, Christopher Fordham (managing director), Neil Osborn, John Botts, Colin Jones, Diane Alfano, Jane Wilkinson, Martin Morgan, David Pritchard, Bashar Al-Rehany, Andrew Ballingal, Tristan Hillgarth© Euromoney Trading Ltd London 2014Euromoney is registered as a trademark in the United States and the United Kingdom. This special report is for the use of professionals only. It states the position of the market as at the time of going to press and is not a substitute for detailed local knowledge.Euromoney does not endorse any advertising material or editorials for third-party products included in this publication. Care is taken to ensure that advertisers follow advertising codes of practice and are of good standing, but the publisher cannot be held responsible for any errors.Production manager: Daniel PalmerEditor: Catherine SnowdonPublisher: Timothy Moxon  SEF MARKET 󲀓 DESTINATION UNKNOWN 4 AUGUST 2014 In this report, Euromoney Research Group sheds light on the trials and tribulations of the introduction of swap execution facility (SEF) rules in the US and its effects globally.After the shock of rapid and sweeping structural market changes, we talk to one of  the regulators instrumental in establishing them. US regulators are now working out the kinks in  the legislation and hopes are high for continued adoption of this way of trading.To ascertain the remaining challenges, we surveyed FX and IRS market participants, including buy-side rms such as hedge funds, banks, corporates and insurance companies all around the world. ERG also spoke to the majority of market-leading SEFs to get their views on where this market is going.Issues covered in this report include the continuing global regulatory work, as countries attempt to comply with the principles agreed at the G20 Pittsburgh summit in 2009. We ask whether enough cooperation is happening among regulators and what can be done to speed up the process. We uncover the barriers  to trading on SEFs and what market participants say will encourage them to transition to this way of doing business.Throughout the process we found market participants to be open and honest about  the difculties faced and those that lie ahead. Underneath it all, however, was a condence  that everyone will benet from the increased  transparency that is at the heart of introducing SEFs.  Catherine SnowdonEditor, Euromoney Research Group EUROMONEY RESEARCH GROUP  THE STATE OF THE SEF MARKET – DESTINATION UNKNOWN
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