Non-US platforms shun US banks over Sef rules headache

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Trading platforms outside the US are turning away US market-makers because of a requirement that they register as a swap execution facility (Sef) even if they do not trade products subject to the Dodd-Frank Act's Sef-trading mandate, according to market participants. The safest way to avoid that burden is to shut out US-regulated entities.

The Commodity Futures Trading Commission (CFTC) released final Sef rules on May 16, and requirements to register as a Sef come into effect on October 2. Footn

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