Sef volumes up slightly in May
On-Sef liquidity still disappointing
Trade volumes on swap execution facilities (Sefs) rose slightly in May, following four months of consecutive decline since January, according to data released by the Futures Industry Association's (FIA) Sef Tracker.
US persons have been able to trade FX options and non-deliverable forwards (NDFs) on Sefs since October 2, 2013, but are not yet mandated to do so by the Commodity Futures Trading Commission (CFTC). As a result, on-Sef FX liquidity is low and many Sefs are struggling to turn a profit
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