Bloomberg, MarketAxess, Tradeweb not complying with Sef rules - Gensler

gensler

Bloomberg, MarketAxess, and Tradeweb are limiting how buy-side firms use new swap execution facilities (Sefs) in an attempt to preserve the existing dealer-to-client market structure – a breach of Dodd-Frank Act rules – according to Gary Gensler, chairman of the Commodity Futures Trading Commission (CFTC).

The CFTC issued guidelines last week warning venues not to use so-called enablement mechanisms that prevent buy-side firms posting their own prices or trading with a wide range of market-maker

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