Sefs face major delays in operating outside the US

Despite an overseas person exemption that allows recognition of CFTC-approved swap execution facilities in the UK, Sefs could face significant delays before they can legally operate in other non-US jurisdictions

Swap execution facilities (Sefs) are facing up to a year without clients in countries such as France, Germany, Switzerland, Canada and Hong Kong as they struggle to register with relevant authorities in jurisdictions outside the US.

Despite being registered and approved to operate as US entities under the Dodd-Frank Act, Sefs also need to register in each individual country or province that has its own legal jurisdiction in order for their clients in those regions to be able to legally trade