ICAP Exec: Europe Can Align OTFs with SEFs
In the US, standardized derivatives contracts such as interest-rate swaps will be moved onto exchange-like trading models, transacting through Swap Execution Facilities (SEFs) as mandated by the Dodd-Frank Act. Europe's own financial reform bills, the Markets in Financial Instruments Directive and Regulation (Mifid II/Mifir), have also taken steps to force similar transformations with the establishment of Organized Trading Facilities (OTFs).
However, the US pace of change has been far faster
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