Executive Summary
It is over 3 years since the Lehman Bankruptcy and over a year since the Dodd-Frank Act was made law and yet we still have little clarity as to how the swaps market will function going forward.  That hasn’t stopped the industry from innovating and creating new business models and technology to ensure liquidity in the swaps market remains despite regulatory uncertainty.

The TABB Group study “Swap Execution Facilities: An Industry Barometer” released in April 2011 provided a benchmark of industry reviews related to SEF regulations and the SEFs themselves.  This study provides further clarity as to the industry’s stance on the issues and outlines those SEFs that are expected to be successful in Credit, Energy, Equity, FX and Rate swap markets.

Results are based on responses from over 200 market participants including major dealers, interdealer brokers, interdealer brokers, SEFs, exchanges, asset managers, hedge funds, proprietary trading firms, clearinghouses, regulators, end users and others.  TABB Group Director of Fixed Income Research Kevin McPartland provides analysis alongside the data, discussing the industry’s views and what that will ultimately mean for the swaps market.