Sefs face uncertain future amid regulatory delays

Costs are mounting

Airport delays

Swap execution facilities (Sefs) that cater for foreign exchange trading face an uncertain future, with the delays to mandatory non-deliverable forwards (NDF) clearing in the US and Europe likely to hold off a meaningful migration of these contracts to Sefs until at least 2019.

Sefs face huge operational costs, regardless of whether NDFs are traded on-Sef, but, without a clearing mandate, potential customers have little incentive to trade on these venues until after the full implementation of

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