Currency systems urge clients to get on SEF train soon

Foreign-exchange traders are being encouraged to comply fast with rules on swaps execution facilities that take effect Wednesday. One FX dealer, 360T, warned that those not on board "will be blocked from trading these instruments if not enabled on the SEF." However, Jodi Burns, Thomson Reuters' head of regulation for Marketplaces, said panic wasn't necessary. "Market participants can also begin trading on SEFs on Oct. 3, 4 and so on. It's not like Oct. 2 is the last train leaving the station and if you miss it, that's the end," Burns said. Read comments by the Global Foreign Exchange Division of GFMA, SIFMA's global affiliate, to the CFTC requesting time-limited relief to address issues related to implementing the SEF regulations.

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