Earlier this year, the CFTC required that swap execution facilities (SEFs) with temporary SEF registration status come into full compliance with all applicable SEF rules beginning on October 2, 2013. Originally, those rules were thought to apply only to transactions that would be required to trade on a SEF. However, the language of the rule’s Footnote 88 implies that rules would apply to any transaction the SEF offered, whether or not that transaction is mandated to trade on a SEF. These concerns prompted ISDA to conduct a SEF Market Fragmentation Survey to obtain a clear picture of potential market disruption or fragmentation resulting from SEF rule implementation. This Research Note examines the results of that survey.
Documents (1) for Footnote 88 and Market Fragmentation: An ISDA Survey
Latest
Updated OTC Derivatives Compliance Calendar
ISDA has updated its global calendar of compliance deadlines and regulatory dates for the over-the-counter (OTC) derivatives space.
ISDA Feedback on Identifying Reference Data
On July 20, ISDA submitted feedback to the European Securities and Markets Authority (ESMA) on draft Level 3 guidance on several technical issues caused by the interaction of the recently adopted regulatory technical standard on derivatives transparency (RTS 2) and...
US Basel III Endgame 2026 Update
In March 2026, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation published a new proposal for capital rules known as the US Basel III, based...
Episode 59: Reducing Burdens
As she nears the end of her term as chair of the European Securities and Markets Authority, Verena Ross joins The Swap to discuss progress in simplifying and reducing the burden of EU financial regulation, including transaction reporting. Please view...