OTFs and Sefs: equivalence in doubt

Two months after the US Dodd-Frank Act's swap execution facility (Sef) rules came into force, Europe's law-makers are close to agreeing final rules that will require trade execution in the European Union (EU) to work under a similar framework. Similar in its objectives, at least – not necessarily similar in the nuts-and-bolts detail. That's good, argue some: Europe is a very different animal to the US, and some participants have pushed hard for the rules to take the various idiosyncrasies into

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