CFTC's Massad Cites Patience, Outlines Future SEF Rules as Some Tech Questions Remain Unanswered

Timothy Massad, chairman of the CFTC, spoke at Sefcon VI about changes regulators are working on surrounding SEFs.

timothy-massad
Timothy Massad, chairman of the CFTC

It's fair to say that trading on swap execution facilities (SEFs) has had its issues.

Since their inception in October 2013, lack of liquidity, fragmentation and cross-border regulation have been just some of the hurdles SEFs have faced.

With every low comes a high, and SEFs have also tasted some success over the past two years. In 2014, according to the International Swaps and Derivatives Association (ISDA), more than half the average daily volume of interest rate derivatives occurred on SEFs

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