Fixed Income Connectivity Working Group (FICWG)
In 2011, the initiative defined a set of best practice recommendations on technical interoperability standards focused on increasing pre-trade transparency in the Interest Rate Swaps (IRS) and Credit Default Swaps (CDS) markets as part of a market-led response to address the challenges of meeting the pre-trade transparency requirements of Dodd-Frank in the US and Mifid II regulations in Europe.
The broker-dealer community and the Swap Execution Facilities (SEFs) in the US and Organised Trading Facilities (OTFs) in Europe have now jointly agreed to implement these common technical standards for pre-trade transparency for swaps trading.