CFTC shutdown leaves Sefs lacking clarity
Electronic trading venues and their clients on both sides of the Atlantic have been desperately trying to get clarification on the scope of several no-action letters, which delay certain aspects of new swap execution facility (Sef) rules that came into force on Tuesday. But the US government shutdown has meant no-one from the Commodity Futures Trading Commission (CFTC) is on hand to provide clarity, creating huge confusion for market participants.
The CFTC issued a succession of time-limited no
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