Sef connectivity hurdle looms for bank platforms
The well-worn argument over whether mandatory trading on regulated platforms could sound the death knell for the single-dealer platform model seems to have run its course, to be replaced by a more pragmatic debate over how bank platforms will interact with the new wave of swap execution facilities (Sefs) and equivalent platforms that will rise in the coming months.
The crux of the issue is that Sefs, defined in the US Dodd-Frank Act as platforms that accept bids and offers made by multiple
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