Sefs in stasis as final rules edge closer

Final US Commodity Futures Trading Commission rules on swap execution facilities (Sefs) are to be published in early 2012, a full year after the original proposals. As 2011 draws to a close, would-be Sefs complain the continuing uncertainty about key elements of the new regime is holding up their development plans and giving critics time to push back. By Peter Madigan

Ben Macdonald

The US Commodity Futures Trading Commission (CFTC) stated on September 8 that it hopes to consider final rules on the registration and operation of swap execution facilities (Sefs) during the first quarter of 2012, adding a little more clarity to what has been a very hazy timeline. Would-be Sefs say their plans have been put on ice by the uncertainty, and the ambitions of many others suffocated. That’s despite the huge opportunity handed to the platforms by the Dodd-Frank Act, which requires

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