Reported data shows Icap's Sef trading roughly $6 billion daily volume in non-deliverable forwards but other Sefs have fared less well, including Integral, with just one trade...
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There is still uncertainty over the exact scope of no-action relief issued by the CFTC, and traders warn the same challenges will remain when the relief expires on October 30
Multi-dealer platforms are worried that, although they have to register as Sefs now, clients might be deterred from using them until they have to
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