Final Sef rules raise more questions

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After the long-awaited swap execution facility (Sef) rules under the Dodd-Frank Act were finalised on May 16 by the Commodity Futures Trading Commission (CFTC),  the spotlight falls on firms planning to register as Sefs. But the finer details of the rules have created new areas of concern, and would-be Sefs say they are still struggling with a lack of regulatory clarity.

The CFTC watered down an earlier proposal that required requests for quotes (RFQs) to be sent a minimum of five dealers –

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