Sefs: Dead on arrival?


It’s hard not to feel sorry for swap execution facilities (Sefs). Since the Dodd-Frank Act was published in July 2010, making Sefs one of only two places that standardised over-the-counter derivatives could be traded – the other being exchanges – these new platforms have been waiting for the party to start. They may find they have been queuing for their own funeral.

On March 11, Bloomberg, one of the would-be Sefs, threatened to take legal action unless the US Commodity Futures Trading Commissio

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