FX Focus - Sef volumes still struggling
Smaller Sefs being edged out of low-volume market
Swap execution facilities (Sefs) find themselves in a difficult place at the moment. In October last year, the US Commodity Futures Trading Commission (CFTC) fired the starting gun for trading on these new platforms, creating a fresh regulatory landscape. For the past nine months, however, FX Sefs have been fighting a phoney war over a tiny patch of turf. Operating costs are high, volumes low and many participants are struggling to make ends meet.
The root of the problem is that full hostilities
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