What is a SEF trading?
The Dodd-Frank Act defined a SEF as, “A facility, trading system or platform in which multiple participants have the ability to execute or trade swaps by accepting bids and offers made by other participants that are open to multiple participants in the facility or system, through any means of interstate commerce.”
What is SEF in FX?
A Swap Execution Facility (SEF) (sometimes Swaps Execution Facility) is a platform for financial swap trading that provides pre-trade information (i.e. bid and offer prices) and a mechanism for executing swap transactions among eligible participants.
Who is required to trade on a SEF?
Section 5h(a)(1) of the Act provides that any person who offers a trading system or platform in which more than one market participant has the ability to execute or trade swaps with more than one other market participant on the system or platform must apply to the Commission to register as a SEF or be designated as a …
Are SEFs required to be NFA members?
Market Regulation: Designated Contract Markets and Swap Execution Facilities. NFA has provided regulatory services to designated contract markets (DCM) for more than 15 years. In order to provide these services, NFA requires that each DCM or SEF enter into a standardized RSA with NFA.
What is Mat swap?
available. -to-trade’ (MAT) rule, which gives the market clarity on which products must be, by law, traded on swap execution facilities (SEFs).
Are all swaps transacted on a DCM?
Required transactions are transactions involving a swap that is subject to the CEA’s requirement under Section 2(h)(8) that all swaps subject to mandatory clearing be executed on DCMs or SEFs, unless no DCM or SEF makes the swap available to trade.
What is a SEF in education?
Ofsted use the school SEF (self evaluation form) to review each school’s thoughts on their own strengths, training requirements and areas for improvement as one of their areas for evaluation during inspections.
Is SEF a DCM?
NFA has provided regulatory services to designated contract markets (DCM) for more than 15 years. The Dodd-Frank Wall Street Reform Act created a new type of trading venue for standardized swaps—swap execution facilities (SEF)—each of which has self-regulatory responsibilities to monitor trading on its platform.
Who Must File CFTC Form 40?
Who Must File a Form 40 – Every person who holds or controls a reportable position must file a CFTC Form 40, Statement of Reporting Trader. (See section 18.04 of the regulations under the Commodity Exchange Act.) Persons include individuals, associations, partnerships, corporations, and trusts.
Who are the regulators of a SEF exchange?
The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) regulate SEFs. 6 A SEF is similar to a formal exchange but is a distributed group of approved trading systems. The handling of trades is similar to other exchanges.
Can a swap be traded on a SEF?
The stated goals of the Dodd-Frank Act are to promote the trading of swaps on SEFs and to promote pre-trade price transparency in the swaps market. To that end, a swap, as defined by 17 C.F.R. Part 1, can be traded on a SEF or pursuant to the rules of a SEF by Eligible Contract Participants (ECPs).
Which is the best definition of a SEF?
The Dodd-Frank Act defined a SEF as, “A facility, trading system or platform in which multiple participants have the ability to execute or trade swaps by accepting bids and offers made by other participants that are open to multiple participants in the facility or system, through any means of interstate commerce.” 4
How is the Swap Execution Facility ( SEF ) regulated?
Our swap execution facility (SEF) is regulated by the US Commodity Futures Trading Commission. Launched in 2013, it received permanent approval from the CFTC in January 2016.