Swap Execution Facilities Regulation - White Paper - SIFMA Asset Management Group, ISDA and MFA Joint Survey of Buy-Side Members on Request for Quotes (RFQs), March 2013

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March, 2013

In an effort to provide further information to the Commodity Futures Trading Commission as it moves toward adoption of a final Swap Execution Facility (SEF) rule, the Asset Management Group of the Securities Industry and Financial Market Association (SIFMA AMG) and the International Swaps and Derivatives Association (ISDA) developed a buy-side member survey regarding the impact of a requirement to go out to five or more liquidity providers for a request-for-quote (RFQ) platform to qualify as a SEF. Members of the Managed Funds Association (MFA) were also invited to participate in the survey. Here is a summary of the survey results.

Among the questions:

  • Do you have accounts that direct swaps trading with certain counterparties that would lead to limitation of the number of counterparties transacted with?
  • What factors that currently cause their firm to limit the number of RFQ recipients?
  • How would a requirement to submit RFQs to five liquidity providers would affect your firm?
  • How would a requirement to submit RFQs to five liquidity providers would affect swaps traded on SEFs?



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