US interdealer broker representative body the Wholesale Markets Brokers’ Association, Americas (WMBAA) has elected a number of key executives as part of its bi-annual reshuffle and has targeted the development of swap execution facilities (SEFs) as one of its key priorities.
Julian Harding, executive director of broker Tradition will serve as chair, with BGC executive vice president and general counsel Stephen Merkel appointed vice chair.
The experienced pair will help guide the trade body through a period of widespread change to US trading regulation under the Dodd-Frank Act.
“It is going to be both interesting and demanding to become chair of the WMBAA at this pivotal time,” said Harding. “After more than two years of work, final rules establishing swap execution facilities, or SEF’s, are being finalised and the Association needs to be actively engaged with policy makers as they conclude the process.
“Well-organised, robust SEFs are critical for market participants and American corporations as they trade efficiently, manage their balance sheets and grow their businesses,” Harding said.
Rules on SEFs will come into force this year and the exact details on the rules are expected to be finalised by mid-February. Under part of Dodd-Frank, the SEF regime aims to bring greater transparency to opaque OTC derivatives which led to the 2008 financial crisis.