Law360, New York (February 2, 2011, 2:21 PM EST) -- The U.S. Securities and Exchange Commission announced Wednesday that it had unanimously approved the establishment of security-based swap execution facilities to make swap trading more transparent and fair, as required by the financial reform bill.
Currently, trading in security-based swaps happens in the over-the-counter market. By requiring the swaps to be traded on SEFs or on an existing exchange, the SEC hopes to make swap trading more “transparent, efficient and competitive,” SEC Chairwoman Mary Schapiro said at a meeting.
When drawing up Dodd-Frank, Congress took aim...
SEC Approves Facilities To Shine Light On Swap Trading
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