Market awaits details on SEFs

Keeping on top of the swaps


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).

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