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October 18, 2013

Global swaps market faces fragmentation

The global swaps market faces fragmentation as US institutional investors shy away from electronic marketplaces and investment banks strengthen their overseas operations.

A survey by Tabb Group, the capital markets consultancy, this week found three-quarters of 40 US asset managers, hedge funds and regional banks, with a collective $13.6tn in assets under management, have avoided using the new electronic marketplaces, known as Swap Execution Facilities.

Some of the largest investment banks and brokers, such as JPMorgan, Goldman Sachs and Citigroup are seeing more of their lucrative swaps business traded through London amid complex new US rules.

Banks, brokers and investors are scrambling to adjust their daily trading and compliance procedures after new requirements were laid down by the Dodd-Frank act. To safeguard financial markets, US regulators want to move more over-the-counter derivatives on to transparent electronic platforms, with the deals processed through clearing houses.”


Read full Financial Times article here

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