OTFs and Sefs: equivalence in doubt
European legislators are close to finalising their derivatives execution rules, but trading platforms are concerned the OTF framework may be sufficiently different to US Sef rules to scupper any chance of equivalence determinations. By Tom Osborn
Two months after the US Dodd-Frank Act's swap execution facility (Sef) rules came into force, Europe's law-makers are close to agreeing final rules that will require trade execution in the European Union (EU) to work under a similar framework. Similar in its objectives, at least – not necessarily similar in the nuts-and-bolts detail. That's good, argue some: Europe is a very different animal to the US, and some participants have pushed hard for the rules to take the various idiosyncrasies into
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