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SEFs: the wannabe exchanges

Until the rules implementing Dodd-Frank are clear no one knows what the shape of execution services will look like, but one thing is for sure, there will almost certainly be an influx of new participants into this burgeoning marketplace.

Financial industry research firm Tabb Group says there could be more than 20 swap execution facilities (SEFs) within two years. Already some participants, such as interdealer brokers, are establishing electronic marketplaces for derivatives.

Here is a list of existing participants that say their platforms will qualify as swap execution facilities under the new regulations:

TradeWeb (electronic trading platform owned by Thomson Reuters)

IntercontinentalExchange (regulated exchange)

Eris Exchange (established by five Chicago-based equity/futures trading firms)

Javelin (established by a group of, as yet, unnamed banks)

Icap (world’s largest interdealer broker)

GFI Group (interdealer broker)

Tradition (interdealer broker)

BGC Partners (interdealer broker)

MarketAxess (electronic trading platform)

see also: 

Gary Gensler: Banking's enemy #1
European regulation in line but a different starting point

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