Trading platforms prepare for Sef arms race
The inevitable requirement that foreign exchange options and non-deliverable forwards (NDFs) will have to be traded on swap execution facilities (Sefs) when the US Dodd-Frank Act comes into force means multi-bank platforms should start preparing for the new regime now, according to major platform providers.
While the exact definition of the required criteria for Sefs is still open to consultation until next week, after the Commodity Futures Trading Commission (CFTC) extended the public comment
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