U.S. SEF rules create regionalization risk, industry says

Industry participants say recently implemented U.S. rules for swap-execution facilities will lead to regionalization because European players likely will drop U.S. clients, rather than take necessary steps to become an SEF. The situation could have a profound effect, given that more than half of the volume on some European platforms for credit default swaps and interest-rate swaps involves U.S. banks and broker-dealers.

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