‘Sef-lite’ environment remains confusing for platforms

Market participants still unclear on the implications of the requirement for multibank platforms trading non-cleared swaps to register as swap execution facilities


Requirements for multibank platforms to register as swap execution facilities (Sefs) if trading derivatives, even if those derivatives are not yet mandated for central clearing, has led to confusion among platforms and further clarity is still needed, according to participants in a webinar hosted by FX Week on June 27.

The US Commodity Futures Trading Commission published the final rules for Sefs on May 16 and, while certain concessions were welcomed by market participants, there has been a

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