This report looks at the current and planned landscape in a cleared swaps market, assessing the SEF venues competing to execute cleared swaps and the likely market structure and evolution across asset classes. In all, the report has analysed the offerings of 52 potential SEFs, with the focus on the top twelve.
We outline the extent of product coverage in this report, maintaining that there are only a handful of true multi-asset providers. The report then goes on to present the gamut of SEFs who will operate in either a D2D or D2C tier, and also covers those who will provide order, quote, stream or click-to-trade functionality.
This first report in a series of three exploring the emerging SEF landscape examines the functions of 12 SEFs, identified as the best in class based on product coverage, volumes, current market share and positioning, from a pool of over 50 potential SEFs.
