Sefs questioned on plans for erroneous trades

Swap execution facilities have been rushing to meet an October 2 deadline for registration, but more thought is needed on how platforms will deal with trade failures, say conference participants

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Market participants clashed at the FX Invest West Coast conference over how new swap execution facilities (Sefs) will deal with trades that fail to clear or that are affected by technology glitches.

The Commodity Futures Trading Commission (CFTC) finalised its Sef rules on May 16, but included an unexpected footnote requiring existing multiple-to-multiple swap trading venues to register as Sefs by October 2, even if they only offer products that aren't yet required to trade on Sefs. This had led

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