Rob Huston - National Council of Farmer Cooperatives -  Non standard contracts on SEFs without being cost prohibitive. Don't want to be labeled a swaps dealer

   Kev McPartland Tabb Group  87 percent of market says SEFs are good. CFTC shouldn't be too prescriptive

   Wallace Turbeville - bettermarkets. Against RFQs  ok for blocks not for negotiated trades.

   Conny Volstad - ISDA - smaller guy in much better shape than large pension. Transparency problem for larger guy - will be more expensive

   Big buy side issues seem to revolve around RFQ, 5 dealer rule, transparency, blocks, & evolution vs revolution

   William DeLeon - PIMCO - futures & swaps need to be separate for mid term. Market currently dark. Can't switch to displayed overnight. Will be v expensive

   Pimco - clearing far more systematically  important than trading transparency.

   PIMCO 5 dealer rule for big trades very problematic. Winners curse. W/ 15 sec transparency loser knows they lost quickly & can hose winner

   ISDA - clearing critical and should beleaguered done first

   Dexter Senft SIFMA - clearing will drive SEF trading. But SEFs are out there now and SEF trading will drive more SEF trading.

   Commissioner Dunn asked Kevin McPartland at TG to get access to our upcoming SEF survey when it comes out in a week or so

   Bloomberg - concerns about compliance. Some SEFs will take on risk others won't. Don't regulate both the same

   Bloomberg - global concerns. What happens when a UK firm books a trade with a US SEF settling in another geo? Who regulates?

   Bloomberg- a few million dollars a year on compliance. Will be significant for smaller firms

   Bloomberg mkt standard for dealer quotes. Derivatives 3 dealers, treasurys 5 dealers, FX many

   Bloomberg also many single dealer pages. Lots of transactions go over this channel. So not all trades are sent to multiple dealers

   CME - offering a virtual orderbook across SEFs - an ems for SEFs

   CME - compliance costs $24m not only SEFs. Adding SEF compliance - guess- a few mill. They are not saying they will be a SEF.

   Eris - swaps as futures. CME clearing. Opening up market to 60+ CME clearing firms. Cross margining as well

   Eris - limit order book, can hit or lift and or display. Click and done - no backing out. Can do post trade give ups

   Eris also does RFQ. Totally flexible contract details. Multi dealers. Click and hit/lift and done.

   Fxall worried that regulation crimps flexibility and forces firms to take their fx off shore

   FXall 15 sec rule too inflexible. Don't want winners curse. Gensler countered 15 sec doesn't apply to blocks. FXall still concerned.

   GFI-trade continuum: voice, auctions, fixings, matching, join/workup, RFQ, order book. liquidity not blocks determine channel

   GFI - critical for regulation to keep the trade process in tact

   ICAP - natural SEF. Avg trans a day 1.5trillion. $300m a year on IT. Global - 32 countries 70 cities

   ICAP - technology doesn't drive liquidity. Liquidity drives technology.

   ICAP where should the block size be? ICAP saying make it low 25m 5yr. If too high then institutions will be crimped.

   ICE- illiquid markets - without dealers the current market drys up. If you force transparency then dealer has no incentive to make markets

   ICE - still a lot of voice. Need voice in illiquid markets.

   Javelin - central limit order book, first RFQ second. Connect to CME for clearing.

   Javelin - buyer and seller match. Matched trade goes to clearing and clearer then sends to fcm's of buyer and seller.

   Javelin- largest challenge - clearing houses are open and non-discriminating.

   MarketAxess- prints to trace within 60 seconds. Feels reg costs to be too high - more geared to exch. than SEFs. May keep SEF comp limited.

   MarketAxess - RFQ market very valuable for less liquid markets.

   Signing off from sefapoolaza very interesting day. Lots of good insight.

Kevin McPartland's Tweets

   I want to see trading system demos, not PowerPoint

   Bloomberg just got an error during their demo that they didn't send the RFQ to the minimum five. Chuckles in the room.

   No lunch at #sefapalooza. The @CFTC needs to spend that money on technology and rule writing.

   Didn't expect anyone to talk about how big their data center was at #sefapalooza - @CMEGroupalways surprises     

   Gentler has arrived 12:10

   ...and Gensler has left 12:43

   Watching EnergyMatch demo - energy may well be the best example of how OTC derivatives markets can be electronic and cleared.     

   ICAP does $1.5 trillion in notional volume daily and spends $300 million a year on technology

Ilkandcookies Tweets

   Blackrock "there's times when one liqudity provider is better than five

   BGC Parters "Volume Match" - brokers constantly survey clients via voice, estimate mid-market via client chatter

   Bloomberg "technology vendors have the advantage over broker platforms" in the SEF world

   CME's pitch seems more focused on their history/tradition/technology rather than applications

   Interesting stuff from Eris. Innovative products--game changer if they could get volume

   Chris Giancarlo from GFI comparing#sefapalooza to "Battle of the Bands"     

   ICAP "the natural proxy for swaps is the US Treasury market, not the futures markets

   Clever. Atlanta-based ICE has an IM platform called Yellow Jacket.

   seems like a couple #sefapalooza participants are using the forum for comment rather than platform overviews.     

   I suppose I should say "PRIMARILY" for comment rather than overviews #sefapalooza     

   @ltabb Great following you Larry. Nice work.     

Chriseko Tweets

   Bloomberg: SEF concerns include flexibility (price/ clearing), compliance overhead & consistency, intl trades & timelines

Rummaniqbal Tweets
  

     Eris Exchange demo material at http://ow.ly/4qsov

   Single platform for exempt and non exempt FX instruments with FXall SEF #sefapalooza #FXall