Forex Sefs face uncertain future amid regulatory delays

NDFs unlikely to migrate before 2019

Sefs must cope with delay to NDF clearing mandate

Swap execution facilities (Sefs) that cater for foreign exchange trading face an uncertain future, with the delays to mandatory non-deliverable forwards (NDF) clearing in the US and Europe likely to hold off a meaningful migration of these contracts to Sefs until at least 2019.

Sefs face huge operational costs regardless of whether NDFs are traded on-Sef, but without a clearing mandate, potential customers have little incentive to trade on these venues until after the full implementation of the

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