Sef regime begins, but platforms concerned over 'permitted' rule

trading-panic-race

New rules governing swap execution facilities (Sefs) under the US Dodd-Frank Act come into effect today, but some foreign exchange platforms remain concerned that a surprise element of the final rules, which mandates that multiple-to-multiple platforms trading non-mandated swaps must be registered as Sefs by October 2, could drive trading back to the phone or single-dealer platforms.

The so-called ‘permitted' rule meant a sudden scramble for some platforms, which had previously assumed that, as

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