Deconstructing the Sef ‘car crash'
The implementation of new clearing and trading rules over the past year has resulted in some fairly colourful language on the part of market participants, from banks and trading platforms right the way up to commissioners at the Commodity Futures Trading Commission (CFTC). But when one global head of FX last week described the final rules for swap execution facilities (Sefs), which are due to come into effect this week, as "an absolute car crash", it was clear something had gone rather wrong at
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