Sefs: Ready or not, here they come

Industry participants have spent a frantic few months preparing for the start of the new swap execution facility regime in the US on October 2. Days away from the deadline, platforms claimed they would not be able to on-board all their clients in time. Why was it all so rushed? Peter Madigan reports

Lee Olesky, Tradeweb

The start of the new regime for swap execution facilities (Sefs) was just days away as Risk went to press. But the two months leading up to it saw barely controlled panic, as electronic execution venues that didn’t think they would need to register as Sefs found out they would, clients and futures commission merchants (FCMs) were given reams of documentation they would need to read through and sign in a matter of weeks, and some overseas venues quietly asked US customers not to participate on

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