1. Research
  2. Research Notes
  3. Revisiting Cross-Border Fragmentation of Global OTC Derivatives: Mid-year 2014 Update

Revisiting Cross-Border Fragmentation of Global OTC Derivatives: Mid-year 2014 Update

Research
Research Notes July 24, 2014
< 1  min.read

Evidence has emerged that over-the-counter derivatives markets have fragmented along geographical lines since the start of the swap execution facility (SEF) regime in the US on October 2, 2013. That trend has been especially notable for euro interest rate swaps, with European dealers opting to trade with other European parties.

This development has accelerated since the start of mandatory SEF trading in the US from February 2014, and the market for euro interest rate swaps is now clearly split between US and non-US counterparties. This research note provides evidence of this further fragmentation since February, based on an empirical analysis of cleared derivatives data.

Documents (1) for Revisiting Cross-Border Fragmentation of Global OTC Derivatives: Mid-year 2014 Update

Latest

Moving Regulatory Reporting up a Gear with AI

The aim of derivatives regulatory reporting is to improve transparency so regulators can monitor market activity and identify emerging risks. Although reporting rules and subsequent updates have resulted in improvements, they haven’t achieved fully consistent outcomes, leading to implementation and...

ISDA Publishes FpML Version 5.14

ISDA has published a new version of its Financial products Markup Language (FpML), a widely used open-source standard for the electronic dealing and processing of derivatives transactions. The latest iteration – version 5.14 – incorporates several key modifications and updates...