SEF Industry Barometer: Summer 2013

Dodd-Frank turns three on Sunday and we will celebrate its birthday at the threshold of a new market structure for swaps trading. With the Swap Execution Facility (SEF) rules finalized, the registration applications have started to trickle in. Clues to the new world are to be found in their small print. Over the coming months we will discover where the rubber meets the road of reform - which business models will gain traction?

The last TABB Group SEF Industry Barometer was published in December 2011, outlining the industry’s stance on the key issues and highlighting those SEFs expected to be successful. Today, it serves as our benchmark, not only in terms of who will win and who may lose, but also in terms of the issues that got resolved and those that did not. We can also see how the market has shifted and acclimatized to new concepts with the passage of time.

Results are based on responses from over 150 market participants including major dealers, interdealer brokers, SEFs, exchanges, asset managers, hedge funds, proprietary trading firms, clearinghouses, regulators, end users and others. TABB Group Director of Fixed Income Research Will Rhode and Analyst Radi Khasawneh provide analysis alongside the data, discussing the industry’s views and what that will ultimately mean for the swaps market.