Risk USA: CFTC should allow voice trading for Sefs, says Chilton
CFTC commissioner also hints that 15-second rule will be amended - and says final cross-border rules will include a new definition of ‘US person’
Final rules on swap execution facilities (Sefs) should allow voice-brokered execution, according to Bart Chilton, commissioner at the Commodity Futures Trading Commission (CFTC).
The issue has been hotly debated since the agency's proposals in January 2011 suggested the new over-the-counter derivatives trading platforms should be electronic only. Speaking at Risk USA in New York today, Chilton said he expects final Sef rules to be voted on in the next four to five weeks, and argued voice
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