FX Focus - Is Sef equivalency still solvable?

Equivalency process under threat after CFTC takes hardline

David Clark is chair of the Wholesale Markets Brokers Association
David Clark, Wholesale Markets Brokers Association

Confused, incompetent, cynical, unworkable – these are among the more charitable words used by sources at European trading platforms to describe the Commodity Futures Trading Commission's (CFTC) approach to setting equivalency rules for firms in London, and on the rest of the continent, that want to offer swap execution facility (Sef) services to US clients. Some of the less charitable descriptions are, sadly, not remotely printable.

When negotiations on Sef equivalency between the CFTC and the

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact customer services - www.fx-markets.com/static/contact-us, or view our subscription options here: https://subscriptions.fx-markets.com/subscribe

You are currently unable to copy this content. Please contact info@fx-markets.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to FX Markets? View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a FX Markets account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: