January 27, 2025 (NO COMMENTS)

A new electronic swap execution facility (Sef) run by former Javelin founder James Cawley and ex-TP Icap broker Christopher Jonns is growing rapidly in a corner of the rates market still dominated by voice trading.

Despite the supremacy of e-trading in the dealer-to-client market, in the interdealer market, quirks of market structure and broker incentives have helped phone trading retain a firm grip on activity. But large banks have been quietly routing an increasing volume of interdealer