Confusion reigns at dawn of Sef era, say participants

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Uncertainty and confusion took hold in parts of the foreign exchange market yesterday as Dodd-Frank rules for swap execution facilities (Sefs) came into force but many were still unclear on the exact scope of recently issued exemptions.

Speaking at an event hosted by Bloomberg in London yesterday, Mark Johnson, global head of foreign exchange cash trading at HSBC, and James Kemp, managing director of the global FX division of the Global Financial Markets Association, agreed the last-minute no

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