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Swaps reform could impact liquidity for benchmarks – expert*†

11 May 2018 | FOW | The Commodity Futures Trading Commission’s (CFTC) proposal to overhaul swaps rules could impact the liquidity required for reliable benchmark rates, an expert told FOW.

US swap rate failed during volatility rout*†

9 April 2018 | | IBA calculates the benchmark swap rates on tenors ranging from one to 30 years based on quote data taken over a two-minute window – from 10.58am to 11.00am in the case of the 11.15am fix – from Clobs at three Sefs: Tradition’s Trad-X, BGC’s BGC Trader and TP Icap’s i-Swap.

Tullett Prebon and the mystery Clob*†

19 March 2018 | | Rumours have swirled around Tullett Prebon’s swap execution facility (Sef) ever since US swap trading rules came into effect in October 2013. Although every Sef is required to operate a central limit order book (Clob), was not able to find a single market participant that has accessed the Tullett Clob directly, despite having access to others, such as those available at Tradition and Icap.

Swaps data: CCP and Sef volumes still growing *†

20 November 2017 | | In summary, excellent growth at the three dealer-to-client Sefs: Bloomberg, Tradeweb and TrueEx, in part driven by portfolio maintenance compression and roll activity, with Tradeweb now established as the largest. For dealer-to-dealer Sefs, TP Icap is the leader with gains in the third quarter, while IGDL and Tradition are down during the period, possibly due to lower CME-LCH central counterparty switch volumes.

Tradition wins two SEF accolades at the GlobalCapital Global Derivatives Awards 2017

21 September 2017 | Tradition, one of the world’s largest interdealer brokers in over-the-counter commodity and financial products, has received two prestigious accolades at the GlobalCapital Global Derivatives Awards 2017, winning Swap Execution Facility of the Year – Overall, and Swap Execution Facility of the Year – CLOB.

Industry pushes CFTC to prioritise cross-border clarity*

31 August 2017 | | "Equivalence should probably be considered with a principles-based approach around the core areas of access, transparency, quality and fairness of pricing, running orderly markets, trade certainty, and so on,” says Scott Fitzpatrick, chief executive of TraditionSEF.

Dislocation policy: LCH exodus risks CCP basis blow-out*†

7 August 2017 | | “If you’re talking about forcing trillions of notional through the market in a short period of time, then that basis could go anywhere. There is no upper limit,” says Stuart Giles, managing director for strategy and business development at interdealer broker Tradition.

May 2017 Swaps Review*

13 June 2017 | Clarus | Clarus CEO Amir Khwaja breaks down global swaps volumes, including SEF volumes and CCP market share: "Continuing with our monthly Swaps review series, let’s look at volumes in May 2017 and in a change from the usual format of SDR data, then SEF market share and then CCP volumes, I will take a product centric view."


12 April 2017 | Clarus FT Blog | “Let’s start with Tradition’s EUR CCP Basis Swaps Prices for April 10, 2017”.

Banks Set to Win Derivatives Relief in New EU Trading Rules*

6 March 2017 | Bloomberg | The new standard is a “welcoming and noticeable change” and responded to industry concerns that there was scant time to develop the rules and little comprehensive data about the market, said Dan Marcus, global head of strategy and business development at Cie. Financiere Tradition SA.


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