Packaged swaps get SEF go-ahead

摘要

Multi-legged swap transactions are set to make the move to swap execution facilities after the CFTC confirmed a set of phase-in dates. The decision finally removes a major industry bugbear, as the delayed migration of packages towards mandatory SEF trading was seen to be hampering volumes on the new regulated platforms. "The phase-in announcement is consistent with what we were expecting and continues the march towards open and transparent SEF trading," said Jamie Cawley, CEO of Javelin Capital Markets. "The roll-off of the packaged swaps exemption will be nothing but positive for the SEF market, as volumes have been quizzically low. It's going to be a long road, but the process of moving onto SEFs is moving forward."