Swap Execution Facilities – The Technology Landscape

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Part II in the series of SEFs reports takes a look at the current and planned technology landscape in a cleared swaps market, assessing the connectivity interfaces offered by SEF venues competing to execute swaps. The report has analysed the offerings of 52 potential SEFs, with the focus on the top twelve.

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It focuses on the technological aspects, such as the on-going buy-versus-build dilemma facing firms needing to evolve their technology quickly and makes recommendations including how to select a vendor. It also identifies other key considerations, such as which venues and technologies to consider for pre-trade risk management, the delivery of reference data and accessibility to post-trade reporting and clearing.

The report also presents the mix of FIX or native connectivity options that will be available for SEF connectivity. While many venues are aiming to utilise their existing connectivity APIs for their SEF launches, the trend is more towards a FIX protocol based interface. As a result, many SEFs are currently either offering or planning to support functions over a version of the FIX protocol.

Published on: 10 Sep, 2012

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Swap Execution Facilities: The Technology Landscape — Table of Contents

  • 1.0 Liquidity Aggregation in Participants Strategies
    • 1.1. Regulatory Progress and Trading Models
    • 1.2. SEF and OTF Trading Drives Business Model Evolutio
    • 1.3. Liquidity Aggregation as a Basic Tool for Dealers’ Strategy
    • 1.4. SEF Aggregation: The Buyside Perspective
    • 1.5. Trading Model Trends and SEF Aggregation Requirements
    • 1.6. Factors of Persistence for D2C/D2D Segregation
    • 1.7. Factors Promoting Direct Market Access
  • 2.0 Building SEF Aggregation: Discrepancies in Liquidity
    • 2.1. D2D SEFs: Order Book Model with Liquidity Management Functions
    • 2.2. D2C Multi-Dealer Trading Model: Price Stream Distribution and RFQ/RFS
  • 3.0 Liquidity Aggregation and Execution/Smart Order Routing
    • 3.1. Overview of SEF Liquidity Aggregation and Execution
    • 3.2. SEF Aggregation Components: Market Gateways
    • 3.3. Liquidity Aggregation
    • 3.4. Liquidity Execution: Smart Order Routing
    • 3.5. SEF Aggregation Architecture Implementation Strategy