Best swap execution facility: GFI

GFI's Ron Levi says technology will not make brokers redundant

Ron Levi at GFI
Ron Levi, chief operating officer, GFI

The advent of swap execution facilities (Sefs) at the end of last year caused unprecedented upheaval in currency markets, as brokers and both sell- and buy-side participants scrambled to interpret and adapt to changes in derivatives-trading rules.

US persons have been able to trade FX options and non-deliverable forwards (NDFs) on Sefs since October 2, 2013, but they are not yet mandated to do so by the Commodity Futures Trading Commission (CFTC). As a result, on-Sef FX liquidity is low and many

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