The SEF Portrait Takes Shape
When President Obama signed the Dodd–Frank Wall Street Reform and Consumer Protection Act into law on July 21 last year, it started a 12-month countdown for the US Commodity Futures and Trading Commission (CFTC) and US Securities and Exchange Commission (SEC) to create a new market structure for the venue-based trading of over-the-counter (OTC) swap instruments.
The new trading venues, known as swap execution facilities (SEFs), are supposed to bring more transparency and standardization to the
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