Chaotic birth of Sefs drives NDF trading off platforms
Just over two weeks after the new wave of swap execution facilities (Sefs) opened for business under the Dodd-Frank Act, liquidity in regulated foreign exchange products, particularly non-deliverable forwards (NDFs), is widely reported to have been adversely affected as market participants look to avoid the confusion that still surrounds the requirements.
Under rules written by the US Commodity Futures Trading Commission (CFTC), platforms offering regulated swaps involving US entities were
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