Market relief as CFTC approves final Sef rules
The foreign exchange market has welcomed long-awaited clarity on swap execution facilities (Sefs) under the Dodd-Frank Act, after the Commodity Futures Trading Commission (CFTC) voted to approve final Sef core principles yesterday.
The final rules water down a controversial item in the initial proposals, published on January 2011, which required requests for quotes (RFQs) to be sent to a minimum of five dealers – something critics claimed would make it difficult to manage their exposures. The
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