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CLOB execution – the new norm?

20 August 2015 | The mandatory introduction of Swap Execution Facilities (SEFs) in the US in 2013 sparked a substantial shift in the structure and manner in which OTC derivatives were traded. Almost two years on, trading volumes on SEFs continue to grow substantially as compliance headaches subside. But now a new debate rages on: what is the most effective method of trade execution in such a diverse and complex market?

FIA releases SEF Tracker report for May*

13 August 2015 | Automated Trader | Tradition was the second largest, with $28.3 billion non-FRA trading per day. Also worth noting was the increase in trading on the two SEFs operated by Tradeweb.

Best Derivatives Trading Platform*†

10 August 2015 | Financial News | Operated by interdealer broker Tradition, Trad-X hit a high at the end of 2014 when its total volumes passed the $1 trillion mark, with 25,000 trades. It operates a hybrid voice and electronic order-entry model across a number of over-the-counter derivative contracts including interest rate, overnight index, and both single and cross-currency swaps, as well as forward rate agreements.

Most Innovative Compliance/Risk Management Product/Service*†

10 August 2015 | Financial News | Trad-X, operated by interdealer broker Tradition, became one of the first platforms to launch a position switch service for US dollar swaps cleared at CME Group and LCH.Clearnet.

CCP basis market takes off – but will buy-side join in?*†

7 August 2015 | Risk | "The way the market is trading would hint that some people are actually trying to follow it as opposed to just cover," says Stuart Giles, London-based managing director for strategy and business development at Tradition. "The fact people are trying to see which way this is going now is how a market finds its level, and supply and demand dictates this over time."

Bank swaps headlock slips as Chicago prop firms join Sefs*†

6 August 2015 | Risk | The firm is currently active on Bloomberg as well as the three interdealer Sefs – BGC Derivative Markets, Icap's i-Swap and Tradition Sef – although it does most of its trading via the request-for-quote (RFQ) protocol favoured by clients rather than on the central limit order books (Clobs) where interdealer trades take place.

Job Moves: who is hiring and where*†

21 July 2015 | Financial Times | Robert Pickel, the former chief executive of Isda, has joined the board of the TraditionSEF, the US swap trading venue operated by Swiss interdealer broker Tradition.

Sef-traded NDFs grow, but less than 20% of overall flows*†

19 June 2015 | FX Week | In terms of total market share, BGC (26%) is followed by GFI with 18.8% and Tradition with 18.4%, while Icap and Tullett Prebon grab just over 16% of the market each. In NDFs, Icap leads the interdealer pack with 28%.

U.K. to Unveil Financial Market Reforms*†

9 June 2015 | The Wall Street Journal | While last look isn’t bad per se, it is contrary with this principle of stable and firm pricing, and potentially leaves the door open for disruptive trading practices to occur,” said Dan Marcus, chief executive at trading platform ParFX.

People: JP Morgan names co-heads of rates trading*†

5 May 2015 | Risk | Interdealer broker Tradition has appointed Bob Pickel as non-executive director to the board of TraditionSef, the swap execution facility operated by the firm in the US.

Contact

To discuss how TraditionSEF can support your trading needs, e-mail tradsefob@tradition.com or call +1 212 238 5955


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