Known unknowns: preparing for Sef-traded FX options

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“With respect to transactions involving swaps subject to the clearing requirement… counterparties shall… execute the transaction on a board of trade designated as a contract market… or execute the transaction on a swap execution facility.”

And so with these words, the US Dodd-Frank Act launched a new acronym into the alphabet soup of modern capital markets. In the years since, swap execution facilities (Sefs) have been the subject of repeated discussions, consultations, submissions and

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