FX industry leans on Emta for Sef benchmark solution

Regulation will have substantial negative effects on industry

- By Robert Mackenzie Smith
- 20 Feb 2014

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Swap execution facilities (Sefs) are putting pressure on the Emerging Markets Trade Association (Emta) to use the industry body’s foreign exchange templates to negate Sefs’ responsibility for proving that benchmarks that are used for swaps contracts are not manipulated.

Under rules set down by the Commodity Futures Trading Commission (CFTC), Sefs are obliged to only permit trading of swaps that are ‘not readily susceptible to manipulation’. For FX contracts such as non-deliverable forwards (NDFs

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