Expiry of Sef confirmation relief causes unrest among dealers
With just a few days to go until the expiry of a critical exemption from the requirement for swap execution facilities (Sefs) to issue trade confirmations, banks are concerned the industry is no more ready to meet the requirement than when it was originally due to come into effect on October 2.
Following lobbying from Sefs and dealers, the US Commodity Futures Trading Commission (CFTC) issued time-limited no-action relief on September 30, recognising concerns that Sefs did not have the necessary
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