Mifid rules could force FX swaps onto OTFs
The foreign exchange market could face severe disruption in Europe if the scope of forthcoming rules on organised trading facilities (OTFs), which broadly mirror US Dodd-Frank rules for swap execution facilities (Sefs), include FX swaps.
OTFs will be introduced as part of the review of the Markets in Financial Instruments Directive (Mifid II), which is in the ‘trialogue' phase of negotiations, in which the European Parliament, European Commission and Council of the European Union must agree on
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