Sef execution agreement requirement angers buy side

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Buy-side firms are refusing to sign participation agreements with some newly registered US swap execution facilities (Sefs), because of a controversial requirement that commits end-users to negotiate bilateral trade breakage agreements with any counterparty they transact with on the trading venues, Risk has learned.

New Sefs, including New York-based TW Sef – an affiliate of Tradeweb Markets – and at least one interdealer broker, are stipulating that end-users have execution agreements in place,

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