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AmericasMay 26 2015

Pressure for regulators to complete US swaps revolution

The advent of swap execution facilities has not brought about the open access to trading that buy-side participants expected.
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What’s happening?

The US swap execution facility (SEF) mandate came into force in February 2014. Any swap deemed by an SEF to be made available to trade (MAT) on its electronic platform must be traded through a SEF and cleared through a central counterparty. Central clearing is designed to reduce bilateral counterparty risk in derivative trades, while SEF trading is intended to increase price transparency and ensure equal access for all participants.

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