Market awaits details on SEFs
The Dodd-Frank Act mandates that cleared over-the-counter swaps must be traded on an exchange or a swap execution facility (SEF), but scant detail exists on how the latter will work. How will SEFs be defined and what parties will operate them? By Peter Madigan
US regulators have a lot of work ahead of them. With the signing into law of the 2,300-page Dodd-Frank Wall Street Reform and Consumer Protection Act on July 21, supervisors must now start the arduous process of translating some of the high-level requirements into granular regulations. The legislation calls for more detailed rule-making on 58 occasions in the over-the-counter derivatives section alone – but among the more keenly awaited is the guidance on swap execution facilities (SEFs).
SEFs
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