Asia Risk Congress: Asian dealers switch to London venues following Sef introduction
Sef rules are leading to regulatory arbitrage according to Asia industry players
The implementation of the Commodity Futures Trading Commission's requirement that US persons move trades onto swap execution facilities (Sefs) in October has seen Asian firms shift their trades to London-based brokers, according to Frederick Shen, head of global treasury business management at OCBC Bank in Singapore.
Sefs went live on October 2 but only firms registered as US persons were compelled to execute their trades on these exchanges. Europe's equivalent rules on this subject have yet to
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