Trading volume has been modest, and there have been
regulatory glitches, as swap-execution facilities debuted this week. Market participants continue to express concern about SEF rules. For example, Footnote 88 to rules by the Commodity Futures Trading Commission requires multilateral swaps-trading venues be registered as an SEF. The situation could throw "a significant amount of sand in the gears of what has been a pretty efficient market," ISDA CEO Robert Pickel said.