The Commodity Futures Trading Commission recently finalized rules governing swap-execution facilities, but the rules are not as clear as market participants would like. For example, Wayne Pestone, chief regulatory officer at FXall, said the CFTC made a change to the SEF definition, necessitating further conversation with regulators. "There is disparity now between trading venues for the noncleared swaps, and that comes as a surprise," he said. "We are still looking at the rules and working out how they will affect us. Some venues will have to make changes."