Market participants in the swaps trading industry are urging
the Commodity Futures Trading Commission (CFTC) to exercise
caution when it finalises proposals to revamp swap execution
facility (SEF) rules.
Speaking at the International Swaps and Derivatives
Association’s (Isda) DerivCon this week in New
York, multiple members of the swaps industry said that while
changes to the rules were welcome, the CFTC should ensure it is
addressing problems that need to be solved, and not simply
adding speedbumps to the process.
Industry participants do accept that the rules need to be
revisited, though: nearly three-quarters of those in attendance
agreed on that.
CFTC chairman Christopher
GiancarloProposalsIn November 2018,
the CFTC issued proposals that would change the restrictions
placed on SEF activity and allow flexible methods of execution
for swaps transactions using any means of interstate commerce.
As CFTC Chairman Christopher Giancarlo stated at the time, this
was exactly as Congress...