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A Big Step Toward Harmonizing Swap Trading Markets

Law360, New York (February 1, 2018, 4:26 PM EST) -- In a major development toward global harmonization of the swaps trading markets, on Dec. 8, 2017, the U.S. Commodity Futures Trading Commission issued an order exempting certain multinational trading facilities (MTFs) and organized trading facilities (OTFs) authorized within the European Union to trade derivatives from the requirement to register with the CFTC as swap execution facilities (SEFs). The order was made effective on Jan. 3, 2018.[1]

In September 2009, as economies emerged from the global financial crisis, the leaders of the G-20 agreed that “all standardized...
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