Home      Login


Swap Execution Facilities  


Author:  Paul M. Architzel.; Aaron Friedman.


Source: Volume 54, Number 22, December 15 2021 , pp.275-281(7)




Review of Securities & Commodities Regulation

next article > |return to table of contents

Abstract: 

In 2020, the CFTC made permanent and codified previously informal fixes to rules governing Swap Execution Facilities (“SEF”). In this article, after an introduction, the authors discuss these fixes, including: exemption from required trade execution; block trades away from SEF; error trades; and impartial access. They then turn to uncleared swap confirmations; the embargo rule; name give-ups; and three operational issues: audit trail data; financial resources; and the CCO position. They close noting that the SEC has finalized a package of rules for security-based swaps and that other rules regarding security-based SEFs have been proposed but are not yet final.

Keywords: CFTC SEF Framework; Block Trades; Error Trades; Uncleared Swap Confirmations; Name Give-Up

Affiliations:  1: Wilmer Cutler Pickering Hale; 2: Wilmer Cutler.

Subscribers click here to open full text in PDF.
Non-subscribers click here to purchase this article. $60

next article > |return to table of contents