Last month, U.S. regulators finalized rules governing swaps-execution facilities, which gained authority to determine which products they can trade. Industry experts, including executives from trading venues, are concerned about such power. "We would have preferred something that is driven by the regulator, and there is plenty of concern out there that anyone who files as a SEF has the ability to set standards for the whole market," Tradeweb CEO Lee Olesky said.

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