The US Commodity Futures Trading Commission is considering whether to change the treatment of non-US swaps market participants to make it easier for European market participants to benefit from a trading venue equivalence deal signed with the European Commission in November 2017.
In theory, the deal allows European firms that comply with the second Markets in Financial Instruments Directive (Mifid II) to also trade freely on US swap execution facilities (Sefs) through substituted compliance.
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