BoE: Centralized trading, transparency and interest rate swap market liquidity: evidence from the implementation of the Dodd-Frank Act

This BoE working paper assesses the impact of the Dodd-Frank mandate that US persons must trade certain swap contracts on swap execution facilities (using transactional data from the USD and EUR segments of the plain vanilla interest rate swap market). It concludes that improvements in transparency brought about by the Dodd-Frank trading mandate have improved interest rate swap market liquidity.