Earlier this week the first two made available for trading applications were made to the CFTC starting the clock ticking for mandatory mat chartSEF trading. Those applications started a debate as to exactly how mandatory SEF trading should be phased...

On October 2 swap execution facilities (SEF) became official and started reporting trading volumes. While this new level of Greenwich Associates transparency is exciting, today’s reported volumes don’t really matter. In addition to the lack of...