CFTC told EU platforms not to seek Sef equivalence

After realising an overhaul of its Sef-equivalence framework was needed, the CFTC told European platforms not to apply. At the same time, the FCA was working through rules with UK venues

In what looks like a case of crossed wires, the Commodity Futures Trading Commission (CFTC) told European trading platforms not to apply for its new, harmonised regulatory treatment – pending a revamp of the framework – even as the UK's Financial Conduct Authority (FCA) was working through the rules with London-based venues, according to industry sources.

As Risk reported yesterday, none of Europe's swap trading venues has applied to the CFTC for qualifying multilateral trading facility (QMTF)