Barney Frank: CFTC Sef rules 'excessive'
Congressman supports elements of a bill to clarify CFTC mandate on swap trading venues - but insists it should not weaken competition
The Commodity Futures Trading Commission (CFTC) was "excessive" in parts of its draft rules on swap execution facilities (Sefs), according to Barney Frank, the ranking Democrat member on the House Financial Services Committee.
Speaking to Risk, Frank says the CFTC was wrong to propose that users of Sefs be compelled to request quotes from a minimum of five dealers. He also says voice should be an acceptable way to execute trades on a Sef. But he says Democrats oppose a bill intended to clarify
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