With regard to introduction of SEF, a trading system for IRS is expected to be operational in the second half of 2014. A related issue is whether these derivative trades can be moved to exchanges. The SEF cannot be compared to exchanges as they are mainly accessed by institutional investors (including dealers-brokers) for trading in specialized products and in large amounts.
It is essential to maintain the distinction between exchanges and SEF because exchanges are meant to provide access to retail investors whereas SEFs are for institutional investors who access the market to provide liquidity and/or manage their balance sheets. Exchange traded IRS may not cater to the needs of institutional traders who trade in large lots.