Massad: let market decide what it wants from Sefs

Voice v electronic execution decision left to market participants

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Timothy Massad, CFTC

US Commodity Futures Trading Commission (CFTC) chairman, Timothy Massad, says he is happy for the market to decide whether it wants to execute derivatives trades via voice or electronic execution when trading on swap execution facilities (Sefs).

While some market participants have complained that dealers have sought to retain voice trading as a way to stall the take-up of fully electronic central limit order book (Clob) execution, where banks can be disintermediated, Massad says he is happy to

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