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SEF report: The state of the global market

Euromoney Research Group presents a detailed report into the swap execution facilities (SEFs) sector. The bespoke content offers insight into the confusion over the adoption of these rules and looks at the future opportunities for all market participants.

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The state of the SEF market: Destination unknown

SEF guide
                                                                  Produced in conjunction with Thomson Reuters


Euromoney Research Group report into the SEF market


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 This report includes:
  • Comment from David Bailey, FCA head of market infrastructure and policy;
  • Survey of market participants and their SEF usage – bespoke analysis;
  • Comment/opinion from numerous SEFs;
  • Full interview with former CFTC commissioner Scott O’Malia

Key findings:

  • Of those trading on SEFs, discover how participants expect their usage of SEFs to change during the next five years;
  • Data concerns are widespread in the market – we asked whether the numbers being collated could be trusted;
  • With competition at fever pitch, find out whether those trading on SEFs expect to see consolidation among the registered platforms.



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 firms such as hedge funds, banks, corporates and insurance companies all around the world.

Euromoney also spoke to many of the 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 difficulties faced and those that lie ahead. Underneath it all, however, was a confidence that everyone will benefit from the increased transparency that is at the heart of introducing SEFs.

Euromoney research group

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