Non-US platforms shun US banks over Sef rules headache
Isda conference in New York hears some trading platforms outside the US are turning away US persons to avoid registering as a Sef
Trading platforms outside the US are turning away US market-makers because of a requirement that they register as a swap execution facility (Sef) even if they do not trade products subject to the Dodd-Frank Act's Sef-trading mandate, according to market participants. The safest way to avoid that burden is to shut out US-regulated entities.
The Commodity Futures Trading Commission (CFTC) released final Sef rules on May 16, and requirements to register as a Sef come into effect on October 2
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