Forex Sefs face uncertain future amid regulatory delays

NDFs unlikely to migrate before 2019

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Sefs must cope with delay to NDF clearing mandate

Swap execution facilities (Sefs) that cater for foreign exchange trading face an uncertain future, with the delays to mandatory non-deliverable forwards (NDF) clearing in the US and Europe likely to hold off a meaningful migration of these contracts to Sefs until at least 2019.

Sefs face huge operational costs regardless of whether NDFs are traded on-Sef, but without a clearing mandate, potential customers have little incentive to trade on these venues until after the full implementation of the

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