The advent of swap execution facilities has not brought about the open access to trading that buy-side participants expected.
Latest articles from Philip Alexander

Coming out of the shadows: regulating shadow banking
April 30, 2015Increasingly confident that they have made the banking sector resilient to any future financial crisis similar to that of 2008, regulators are now turning their attention to shadow banking. But a very different approach may be necessary.

New-look Natixis plans to do more with less
April 30, 2015Olivier Perquel, the head of financing and global markets at Natixis corporate and investment banking, explains how the revived bank will grow in a shrinking world.
Basel trading book review: what’s the rush?
April 27, 2015The Basel Committee’s fundamental review of the trading book is an immensely complicated task, and tight deadlines have the banks in a panic.

Europe pushed to go its own way on securitisation
April 1, 2015The European Commission’s drive towards a capital markets union could mean easing capital rules for securitisation ahead of an ongoing Basel Committee review.
EU settlement discipline could push bond markets over the edge
March 20, 2015Proposals for the mandatory buy-in of securities if trades fail to settle could drive market-makers out of the market.
Splitting banks divides opinion in the EU
February 23, 2015The European Parliament’s rapporteur is meeting stiff opposition to his idea of excluding market-making activities from bank structural reform.
MiFID Christmas present threatens bond market hangover
January 26, 2015A sweeping overhaul to EU rules on bond market transparency could aggravate a liquidity shortage in secondary trading.
G-SIBs at risk from Basel risk floors plan
January 19, 2015
The Basel Committee is consulting on whether to put a floor under banks’ use of internal models to calculate capital ratios.

Facing up to regulatory fragmentation
January 5, 2015Differences in the content and timing of rules on resolution planning, structural reforms and derivatives threaten to unravel cross-border banking models.