Sefs find liquidity comes at a cost


The rules of musical chairs are simple: participants walk round a set of chairs while music plays. When the music stops, everyone has to sit down. The drama is added by the fact that there are fewer chairs than people, so slow movers miss out and have to leave the game.

Would-be swap execution facilities (Sefs) have been playing their own drawn-out version of musical chairs for the past three years. Many have given up and gone home. Despite initial estimates that the Dodd-Frank Act would give

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