Last Friday, the U.S. Commodity Futures Trading Commission(CFTC)approved the second and third swap execution facilities (SEFs). NowTW SEF LLC and DW SEF LLC, both subsidiaries of Tradeweb Global,have obtained temporary registration as a Dodd-Frank-approved swapstrading platform. They follow Bloomberg SEF, which obtained thetemporary registration at the end of July.
SEFs are designed to compete with banks and with the futuresexchanges owned by CME Group Inc. of Chicago and Atlanta-basedIntercontinentalExchange Inc. The goal is to increase transparencyin the market by making swaps prices publicly available.
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