Most money managers that use swaps didn't trade on newgovernment-mandated platforms yesterday because use of the systemsremains voluntary, according to a poll conducted by Tabb GroupLLC.

The Boston-based researcher and consultant asked 36 investmentfirms that collectively manage more than $6 trillion if they usedswap-execution facilities yesterday, when the U.S. CommodityFutures Trading Commission required the venues to open, accordingto a report. Seventy-seven percent said they didn't use a SEF, 14percent said they did, and 9 percent said they only sent testtrades, Tabb said.

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