Would-be swap execution facilities (Sefs) are worried about the impact of new business conduct standards requiring swap dealers to provide information to a customer before a trade is concluded. The rule applies where a dealer knows the identity of a counterparty before execution – as is the case for Sefs that work on a request-for-quote (RFQ) basis and, potentially, for some that offer a central limit order book.
The rules, finalised by the Commodity Futures Trading Commission (CFTC) in February
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