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The following data is derived from trading activity on Tradeweb’s European-listed ETFs platform from 1 January to 31 March 2013.

When it comes to trade reporting, Dodd-Frank cuts some slack for end users, or non-financial companies using swaps to hedge business risks.

March 11 was officially "Dodd-Frank Day" -- the day most active users of swaps in the US were required to begin complying with the central clearing mandate, arguably the single biggest pillar in the G20’s 2009 commitment to overhaul the over-the-counter derivatives market. It was a momentous occasion, the impact of which we can already observe.

If central clearing delivers trust in the post-trade environment and the spread of market knowledge, then it is a force for good and should been seen as a new enabler for the development of emerging economies, more than aid or loans.

The pace of derivatives reform in the U.S. is accelerating, and with new SEF rules hitting the Federal Register on June 4th, “now is not the time for conjecture about who will be left behind as markets evolve.

Today, the CFTC announced that it has implemented the second phase of required clearing for credit default swaps and interest rate swaps.

While Congress may have sprinted to enact Dodd-Frank, over the past 1,460-plus days since the legislation became law, regulators have altered their pace and focused on simply crossing the finish line.

The OCC’s recently published Volcker Rule examiners’ manual offers a look at how regulators are going to approach the rule’s enforcement. It looks like we should expect a good deal of confusion, and possibly some contention.

“There are some things electronic trading can do for liquidity, and some things it cannot,” said Lee Olesky, chief executive of Tradeweb.

SEFs have introduced an entirely new workflow to the OTC trading environment, and it’s not without its issues. Growing pains must be addressed for this market to mature and grow.