Sefs struggle with CFTC reporting rules

Fundraising in 2011 will be an uphill struggle for some

Pressure is growing on the US Commodity Futures Trading Commission (CFTC) to delay the rollout of its new swap execution facility (Sef) regime, which is due to come into force next week.

Fifteen Sefs have been granted temporary approval by the CFTC as of today, but electronic venues, dealers and clients say they are struggling to be ready for the October 2 start date.

A large part of the problem is the late addition of a single footnote – Footnote 88 – to the final Sef rules, which were agreed

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