CFTC-EC Sef accord 'will not solve liquidity split'

Platforms say divide between US persons and non-US persons will remain


A new transatlantic accord will not resolve the problem of split US and non-US liquidity pools, according to the platforms it was designed to help.

The February 12 announcement from the European Commission (EC) and the Commodity Futures Trading Commission (CFTC) offered Europe's multilateral trading facilities (MTFs) a way to allow US persons to trade on them without having to register as a US swap execution facility (Sef). But platform operators say it has missed the point.

"There is no doubt

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here