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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

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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.

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