Crunch time over Sefs as Asian banks weigh up costs of participation



According to the US Securities and Exchange Commission a swap execution facility, or Sef, is "a trading system or platform in which multiple participants have the ability to execute or trade security-based swaps by accepting bids and offers made by multiple participants in the facility or system, through any means of interstate commerce", but for Asian dealers it's simply a headache.

After some initial teething issues, Sef trading has been operational for two months but the real test for the mar

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