What is the definition of a swap execution facility (SEF)?
Pending legislation in the U.S. is likely to include a requirement that any participant providing electronic markets for trading interest rate swaps will need to register as a swap execution facility. In an effort to promote electric trading of swaps, Senators Tom Harkin (D-IA) and Maria Cantwell (D-WA) have filed an amendment to change the definition of “swap execution facility” to mean “an electronic trading system with pre-trade and post-trade transparency in which multiple participants have the ability to execute or trade swaps by accepting bids and offers made by other participants that are open to multiple participants in the system, but which is not a designated contract market.” This amendment changes the language to make it more similar to Senator Christopher Dodd’s definition used in his Restoring American Financial Stability Act of 2010.
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