SEC silence on swap spread Sef trading frustrates market

Packages are now subject to CFTC rules, but involve SEC-regulated legs

SEC headquarters

New trading requirements for certain swap packages came into force yesterday with market participants still in the dark as to whether the US Securities and Exchange Commission (SEC) is comfortable with a ruling from the Commodity Futures Trading Commission (CFTC) that appears to trample over its fellow regulator's turf.

Swap spread trades had been temporarily exempted from the need to use a swap execution facility (Sef), because they combine over-the-counter swaps – which are regulated by the CF

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