Brokers concerned by 15-second rule for Sefs
During almost three years of lobbying after the US Dodd-Frank Act was signed into law in July 2010, voice brokers managed to make the case for their survival to the Commodity Futures Trading Commission (CFTC).
In the final rules for swap execution facilities (Sefs) published in May, the CFTC permitted voice broking as an execution method on a Sef, but it also retained the 15-second crossing delay, meaning a customer order must be displayed for at least 15 seconds before it is filled, giving
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