The U.S. Commodity Futures Trading Commission (CFTC) is poised to push interest-rate and credit swaps onto trading platforms designed to make prices more transparent and competitive.
The agency's approval would follow a three-month review of plans to mandate that certain types of trades be conducted on swap execution facilities, or Sefs, including those owned by Javelin Capital Markets LLC and trueEX LLC. The change, required under the Dodd-Frank Act, could take place as soon as next month.
The mandate “is a real fundamental shift,” Kevin McPartland, head of market structure research at Greenwich Associates, said in a telephone interview. “It's going to impact how the clients interact with the banks on a day-to-day basis.”
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