CFTC relief welcomed but concerns remain as Sef rules begin

Industry participants have broadly welcomed a string of relief letters issued by the US Commodity Futures Trading Commission (CFTC) over the past few days in respect of new rules for swap execution facilities (Sefs), which come into force today. But some still believe the requirements for reporting, confirmations and client on-boarding documentation could be difficult to implement.

In a time-limited no-action relief letter issued on September 27 and updated on September 30, the CFTC has given