Sefs brand market abuse enforcement role ‘a non-starter’
A requirement that Sefs detect and expel entities who undertake abusive market practices could unfairly penalise underlying clients and hit market liquidity, according to MarketAxess
Swap execution facilities (Sefs) have declared US rules requiring platforms to detect and expel market participants who undertake abusive trading practices a "non-starter", arguing it could unfairly impact some clients and cause declines in trading volumes.
The requirement forms part of the Commodity Futures Trading Commission's (CFTC) Sef registration rules. Currently, 22 Sefs have temporary CFTC registration, but in 2013 the regulator released a final rule to move them to a more permanent
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