Citadel ‘nervous’ about lack of Sef competition
Swap end-users raise concerns about Sef competition – and are also worrying about execution rules for NDFs and package trades
Derivatives end-users are increasingly worried that just two swap execution facilities (Sefs) – Bloomberg and Tradeweb – are dominating dealer-to-client trading. Innovation coud suffer and costs could rise if there is no competition, they warn.
“We are already a year into the Sef regime and we are pretty disappointed by the inability of some interesting Sefs to attract liquidity to their platforms," said Richard Mazzella, chief operating officer for global fixed income at Citadel, during a panel
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