The Commodity Futures Trading Commission (CFTC) is close to finalising guidance that could require parties trading on swap execution facilities (Sefs) to remain anonymous, according to three industry sources – a move one describes as a "game changer".
At the point of execution, trading on Sef central limit order books (Clobs) is already anonymous. But some platforms – predominantly those run by interdealer brokers – employ a practice known as name give-up once the trade is complete. This disclos
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