Most money managers that use swaps didn't trade on new government-mandated platforms yesterday because use of the systems remains voluntary, according to a poll conducted by Tabb Group LLC.

The Boston-based researcher and consultant asked 36 investment firms that collectively manage more than $6 trillion if they used swap-execution facilities yesterday, when the U.S. Commodity Futures Trading Commission required the venues to open, according to a report. Seventy-seven percent said they didn't use a SEF, 14 percent said they did, and 9 percent said they only sent test trades, Tabb said.

“The swaps market was largely unaffected, with volumes steady, despite the mad scramble to fix technology glitches and smooth the process,” according to the Tabb report. “Firms are still trading swaps, and there will be only a limited migration to swap futures in this uncertain transition.”