Options platforms will miss Sef application deadline

Clock close to midnight at new year

Electronic options platforms Digital Vega and SurfacExchange will not register their swap execution facility (Sef) applications with the Commodity Futures Trading Commission (CFTC) in time for the October 2 deadline, officials at the firms say.

Would-be Sefs have been rushing to prepare their applications for submission to the CFTC since the Sef rules were published on May 16, but unexpected changes to the final requirements have made it almost impossible for some platforms to build the

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