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

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