Futurisation dooms energy swap execution facilities
With the passage of the US Dodd-Frank Act three years ago, a strange new acronym entered the lexicon of traders. The swap execution facility (Sef) was created by lawmakers as a way to foist greater transparency on markets for over-the-counter derivatives, after the opacity of the market for credit default swaps (CDSs) was identified as a contributing factor to the global financial meltdown of 2008. Along with the mandatory clearing and reporting of trades, it was hoped that Sefs would help
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