Major banks move to aggregate swap execution facilities

Day of the aggregators


The golden age of the swap execution facility (Sef) is over. It lasted less than a year and ended before any Sefs had actually opened for business – or so dealers would have you believe. When the Dodd-Frank Act was signed into law on July 21 last year, it made it obligatory to execute clearing-eligible over-the-counter derivatives trades on an exchange or Sef – defined as a system or platform that brings together multiple participants on both sides of the market. In fewer than 100 words, the

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