Sefs face major delays in operating outside the US

Global Currencies

Swap execution facilities (Sefs) are facing up to a year without clients in countries such as France, Germany, Switzerland, Canada and Hong Kong as they struggle to register with relevant authorities in jurisdictions outside the US, FX Week has learned.

Despite being registered and approved to operate as US entities under the Dodd-Frank Act, Sefs also need to register in each individual country or province that has its own legal jurisdiction in order for their clients in those regions to be

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