Update: The path forward for EU-US derivatives regulation

Author: | Published: 18 Sep 2013

With registration deadline for platforms meeting the SEF definition is now just a matter of weeks away. This article updates an earlier article on cross-border swaps regulation for would-be SEF registrants

As at September 16 2013, and just two weeks from the October 2 registration deadline, the Commodity Futures Trading Commission (CFTC) has granted temporary registration to swap execution facilities (SEFs) organised by Bloomberg, Tradeweb (two), GFI, State Street and MarketAxess. More approvals are expected, with the CFTC anticipating at least 17 initial SEFs.

SEFs are feverishly finalising rulebooks, onboarding participants, establishing compliance procedures, reporting and documentation systems, and signing vendor contracts. They are also establishing and testing the systems and end-to-end infrastructure with participants, clearers, various intermediaries and middleware providers, futures commission merchants (FCM), swap data repositories (SDRs) and...