Icap European Sef faces axe as US, EU reach equivalence deal

Dual-registered venue no longer necessary under US-EU substituted compliance regime, say lawyers

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TP Icap’s dual-registered swap execution facility could face the chop in Europe

Mutual recognition of trading venues by European Union and US regulators, agreed on December 5, could spell the end for TP Icap’s dual-registered swap execution facility in Europe.

The European Commission said in a statement released on December 5 that the venue-equivalence decision ensures EU counterparties can trade on US swap execution facilities (Sefs) any over-the-counter derivatives instruments that fall under the second Markets in Financial Instruments Directive trading obligation.

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