CFTC close to 'game-changing' guidance on Sef anonymity

Agency could prevent Sefs from revealing identities of order book participants - a practice some buy-side firms claim is a way of preserving dealer interests

Guidance could require parties trading on Sefs to remain anonymous

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

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