Trading platforms

OTFs and Sefs: equivalence in doubt

European legislators are close to finalising their derivatives execution rules, but trading platforms are concerned the OTF framework may be sufficiently different to US Sef rules to scupper any chance of equivalence determinations. By Tom Osborn

Regulators clash on Mifid waivers

Some regulators and brokers have expressed fears that exemptions included in Mifid may mean European rules on trade execution are not equivalent to the US – but a key parliamentarian disagrees

Sefs, shutdowns and no-action confusion

The new Sef trading regime came into force on October 2, but a flurry of last-minute no-action letters has left platforms confused – and there is no one at the CFTC to answer their questions. Peter Madigan reports