Cometh the hour, cometh the Sef

joel-clark

With a fair wind, March might just be the month when the mists around swap execution facilities (Sefs) begin to clear, if the Commodity Futures Trading Commission, as expected, finalises the long-awaited criteria expected of Sefs in the coming weeks.

There has been some active pre-positioning in the FX market in recent months on the part of the new breed of multibank options platforms that will be lining up to register as Sefs and so benefit from the regulatory mandate for platform trading, when

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