Derivatives: SEFs – Opening bell sounds

June 2013

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The Commodity Futures Trading Commission issued three final rules that will move bilaterally traded swaps onto execution platforms that offer many-to-many trade functionality. These rules create the standards for registering and operating swap execution facilities ("SEFs"); for requiring mandatory cleared swaps to trade on SEFs or designated contract markets; and for identifying large notional block trades that can still be executed off exchange. Once mandatory execution rules are in force, counterparties that have to centrally clear swaps also will have to execute them on exchange, not bilaterally.

This FS Regulatory Brief describes this new regulatory environment for mandatory electronic swaps trading and highlights considerations for the buy-side and sell-side.

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