Swap Execution Facilities Review: Q4 2016 and 2016 Annual Update
Report Summary
Swap Execution Facilities Review: Q4 2016 and 2016 Annual Update
A strong Q4 rallied U.S. SEF volume, up 13% for 2016.
Boston, March 8, 2017 – While SEFs are functional and performant in the U.S., they are not yet thriving and remain divided between interdealer and dealer-to-customer trading models, largely along pre-existing business practices. Attrition and consolidation have narrowed the field somewhat, with Tullett Prebon’s acquisition of ICAP forming the new group TP ICAP and creating tremendous concentration at the start of 2017. But could the trifecta of a Brexit reality, the 2016 U.S. election, and rising U.S. rates make 20% growth in 2017 plausible?
This report is the continuation of a series that reviews the SEF trading landscape on an ongoing basis, particularly focusing on SEFs’ market shares, trading models, operators, and operator types. It is based on Aite Group analysis of Q4 2016 OTC derivatives trading data publicly reported by SEFs.
This 51-page Impact Note contains 38 figures and three tables. Clients of Aite Group’s Institutional Securities & Investments service can download this report, the corresponding charts, and the Executive Impact Deck.
This report mentions 360T, Bats Trading, BGC Partners, Bloomberg, CBOE, Deutsche Boerse, GFI, Gain Capital, Hotspot, ICAP, ICE, CapitalStar, MarketAxess, Nex Group, State Street, Thomson Reuters, TP ICAP, Tradeweb, Tradition, trueEX, and Tullett Prebon.