CFTC shutdown leaves Sefs lacking clarity

Sefs and their clients question scope of no-action letters, but US government shutdown means no-one is able to provide guidance

Crowd-blurred motion

Electronic trading venues and their clients on both sides of the Atlantic are desperately trying to get clarification on the scope of several no-action letters, which delay certain aspects of new swap execution facility (Sef) rules that come into force today. But the US government shutdown has meant no-one from the Commodity Futures Trading Commission (CFTC) is on hand to provide clarity, creating huge confusion for market participants.

The CFTC issued a succession of time-limited no-action

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here