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A New Swaps Platform

A New Swaps Platform

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Published by tfeditor
Dodd-Frank specifies multilateral venues for trading of OTC derivatives. Trading volumes are currently well below those needed to obtain necessary scale economies. Those scale economies can be accessed by altering how we think about trading swaps. Rather than an order for a specific contract, consider a “swap” to be a type of order. These slides sketch out how interest-rate swaps might trade.
Dodd-Frank specifies multilateral venues for trading of OTC derivatives. Trading volumes are currently well below those needed to obtain necessary scale economies. Those scale economies can be accessed by altering how we think about trading swaps. Rather than an order for a specific contract, consider a “swap” to be a type of order. These slides sketch out how interest-rate swaps might trade.

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Categories:Types, Business/Law
Published by: tfeditor on Oct 04, 2011
Copyright:Attribution Non-commercial

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11/02/2013

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Swap Trading Platform
James T. Moser(630) 386-1195
 jtmoser.jr@gmail.com
©James T. Moser August 2011
 
Dodd-Frank Requirements
Standardized swaps must be
 –
SEF (Swaps Execution Facility) traded
 –
Cleared
Nonstandard and exempted swaps
 –
Trade bilaterally
 –
Not required to clear
Swap positions recorded at SDR (Swaps Data
Repository )
 
Swap Volumes
“Report
on Trading
Derivatives” (IOSCO
Technical Committee, February 2011):
The International Swaps and Derivatives Association (ISDA) and othershave stated that there are less than 2,000 standardised interest rate swapsexecuted globally on an average day. The most liquid swaps (10-year dollar interest rate swaps) trade about 200 times per day, while most swapstrade less than 20 times per day.
Multiple organizations interested in becomingSEFs

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