European MTFs fume over CFTC ‘incompetence’

Sef equivalency negotiations break down


European trading platforms have hit out at the US Commodity Futures Trading Commission's (CFTC) ‘incompetence', following the breakdown of negotiations over the equivalency regime for non-US firms wanting to offer swap execution facility (Sef) services to US clients.

Market participants insist a simple solution could have been found before the CFTC's self-imposed May 14 deadline, but that any such hopes were quashed by the agency's intransigent approach to the issue.

"The CFTC made the process

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