Buy-side firms slam broker Sefs over lack of anonymity
"When I trade in a Clob I want to be anonymous," says Eaton Vance's O'Brien. But broker-run platforms claim users want to keep name give-up
An old broking practice is causing unrest in the new world of swap execution facilities (Sefs).
When interdealer brokers pair up two banks in a swap transaction, the identities of the firms are subsequently revealed to each other – a process known as post-trade name give-up, which is essential for book-keeping and risk management purposes. But broker-run Sefs still employ the practice for their central limit order books (Clobs), even though the trades are centrally cleared, meaning the
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