CFTC shutdown leaves Sefs lacking clarity

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Electronic trading venues and their clients on both sides of the Atlantic have been desperately trying to get clarification on the scope of several no-action letters, which delay certain aspects of new swap execution facility (Sef) rules that came into force on Tuesday. But the US government shutdown has meant no-one from the Commodity Futures Trading Commission (CFTC) is on hand to provide clarity, creating huge confusion for market participants.

The CFTC issued a succession of time-limited no

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