Sefs face major delays in operating outside the US

Despite an overseas person exemption that allows recognition of CFTC-approved swap execution facilities in the UK, Sefs could face significant delays before they can legally operate in other non-US jurisdictions

Global Currencies

Swap execution facilities (Sefs) are facing up to a year without clients in countries such as France, Germany, Switzerland, Canada and Hong Kong as they struggle to register with relevant authorities in jurisdictions outside the US.

Despite being registered and approved to operate as US entities under the Dodd-Frank Act, Sefs also need to register in each individual country or province that has its own legal jurisdiction in order for their clients in those regions to be able to legally trade

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