Dodd-Frank sees processing firm as 'swap execution facility'

Jeff Gooch, Markit

London- and New York-based post-trade processing platform MarkitServ is set to register as a swap execution facility (SEF) under US financial reform legislation, even though it has no plans to get involved in trade execution.

The development is the latest example of how ambiguities in the hastily drafted Dodd-Frank Wall Street Reform and Consumer Protection Act are having perverse consequences.

“We’re in a strange position. We have to register as an SEF but we don’t fit the definition of an SEF

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