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Swap execution facility (Sef)
A swap execution facility is a US platform on which multiple participants can electronically trade swaps.
Sefs were created under the Dodd-Frank Act and the first Sefs began operating in 2013. Only swaps that are subject to the US clearing mandate are eligible for an accompanying Sef mandate – they must also have been determined to be “made available to trade”.
The platforms are regulated by either the Commodity Futures Trading Commission or – in limited cases – the Securities and Exchange Commission and are subject to data standards and core principles set by those bodies.
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