Sefs worry MAT rules will create ‘race to the bottom’

Tradeweb and other would-be Sefs say they have been given too much power to decide which swaps are mandated to trade on platforms

Swap execution facilities (Sefs) have condemned rules on how a swap is made available to trade (MAT) under the Dodd-Frank Act – a status that would force the swap to be traded exclusively via the new platforms. Critics, including Tradeweb, argue the rules put too much power in the hands of the Sefs and say the decision should be made by a regulator instead.

"We would have preferred something that is driven by the regulator, and there is plenty of concern out there that anyone that files as a Sef