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 t
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