The US Commodity Futures Trading Commission's final rules for swap-execution facilities are prompting questions, and industry experts are asking for clarity. "What did take people slightly by surprise was that any many-to-many platform that is trading derivatives or swaps, even if there is no clearing mandate, has to register as a SEF," said James Kemp of GFMA. "So there is almost a 'SEF-lite' regime, which is the application to the entity first, and we are still unclear on what that does. I think we need to look and see what that means going forward."

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