A surprise element of final rules governing swap-execution facilities, as mandated by the Dodd-Frank Act, is prompting concern among foreign exchange platforms. Venues are scrambling because they had assumed that because central clearing hasn't been mandated for foreign exchange products, they wouldn't have to register with the Commodity Futures Trading Commission. They are also concerned that clients will switch to nonregulated platforms, rather than deal with legal and compliance work to use an SEF.

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