Recent regulatory changes related to Dodd-Frank will soon require reporting, clearing and settlement functions for many forms of over-the-counter derivatives. The new rules will require these instruments to trade on tightly regulated Swap Execution Facilities (SEFs). This new regulatory structure, which is rapidly evolving, is causing some substantial shifts in the overall swaps market structure.
The requirement that swaps trade on swap execution facilities (SEFs) becomes effective on October 2, 2013. As of September 27, 2013, the CFTC has granted temporary registration approval as SEFs to more than 13 firms. Several more proposed venues that have applied or are considering applying for SEF status.
If this many venues actually start trading in the next few months, the US swaps market will be among the most fragmented markets in the world.
Click here for a list of the swap execution facilities we found in our research with their status and brief descriptions borrowed or summarized from their websites or press releases. This information was compiled via online research. We do not represent the information as complete or even accurate, as this market is changing rapidly. But we hope it will prove helpful to have a single list of the various venues. Trademarks belong to the respective owners.