Swap execution facilities (SEFs)

Review of 2013: Grave new world

From collapsing equity repo rates to footnote 88, and from the leverage ratio to new clearing house liquidity rules, the year has been full of surprises, many of them unpleasant. By the end of 2013, an industry that had seemed to be back on its feet was…

Javelin Capital Markets: The gate-crasher

The countdown to mandatory trading on swap execution facilities started last month when Javelin Capital Markets became the first Sef to file a product list with US regulators. Its chief executive, Jamie Cawley, tells Peter Madigan why market participants…

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

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