Slow Burn: SEFs Make Small Gains as US Market Adjusts to Electronic Trading
It’s been nearly one year since the US Commodity Futures Trading Commission (CFTC) approved the set of rules that govern how swap execution facilities (SEFs) operate, and thus kick-started a process of transformation in the US derivatives market. Since February 17, 2014, certain interest-rate swaps (IRS) and credit-default swaps (CDS) were made available to trade (MAT), meaning that they had to be executed on SEFs from that day onward, and a number of other instruments swiftly followed with
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