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Swap Execution Facilities (SEF) Connectivity


German Investment Bank


Front-office trading; Operations; Technology

Asset Class

Swaps (IRS, CDS, FX, equity and commodity products)




12 weeks

The Ask

As a result of the US Dodd-Frank Act, the client was eager to understand the implications the changes will have on their current and planned future swaps trading businesses.

In order to protect the bank’s franchise, it was imperative that a comprehensive connectivity strategy be put in place to ensure the timely connectivity to major Swap Execution Facilities (SEFs).


GreySpark deployed a team of business and technology experts to engage with the top tier venues as identified by the client.

Interviews with both business and technical personnel were undertaken and an extensive assessment of regulatory requirements was cross-referenced against the data gathered from the SEFs.

A detailed technical API analysis was undertaken in order to build a realistic, executable technology plan for the on-boarding of the major venues.


A SEF Landscape Analysis assessment was delivered, which detailed business, product and technology capabilities of the top SEFs. In particular, the deliverable detailed:

  • Product coverage;
  • Functional requirements – market structure, pre-trade risk, reference data, market data, regulatory reporting and post-trade management; and
  • Non-functional requirements – venue connectivity, network connectivity, adaptor vendor support, operability and latency.

GreySpark Delivered Benefits

  • As a result of this effort, the client was immediately able to engage their technology organisation in order to build and estimate the costs for a SEF on-boarding plan.
  • GreySpark continues to work with this client to realise the connectivity requirements that resulted from this engagement.

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