The $426 trillion rate-swaps industry underwent a seismic shift recently, with the Commodity Futures Trading Commission now requiring most traders to use electronic swap execution facilities, or SEFs, rather than less transparent phone and instant-message trades. Thomas Jasper, a former Salomon Brothers banker who helped create swaps in their current form, welcomed the move. "The digital form of the market to me was always inevitable," he says.

Related Summaries