Forex Sefs face uncertain future amid regulatory delays
The full implementation of Basel III in 2019 could be the trigger for NDFs' migration to Sefs
Swap execution facilities (Sefs) that cater for foreign exchange trading face an uncertain future, with the delays to mandatory non-deliverable forwards (NDF) clearing in the US and Europe likely to hold off a meaningful migration of these contracts to Sefs until at least 2019.
Sefs face huge operational costs regardless of whether NDFs are traded on-Sef, but without a clearing mandate, potential
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