Sefs battle with confirmations after CFTC relief expiry

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Swap execution facilities (Sefs) could struggle to offer trading of foreign exchange options and non-deliverable forwards (NDFs) following the expiry of a crucial exemption from confirmation requirements on November 29, with no further relief issued by the Commodity Futures Trading Commission (CFTC), either before or after the deadline.

Prior to the advent of Sefs, only the counterparties to a trade had been responsible for issuing trade confirmations, but the CFTC rules passed that

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