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US financial regulators Commodity Futures Trading Commission and Securities and Exchange Commission struggle with conceptualizing whether how and to what extent they can regulate intermediaries and the decentralized finance DeFi facilities that offer swap execution services.
In response to changes in business practices, regulations and laws eventually change, too. During the past few years derivatives markets are witnessing this change as it applies to...
To print this article, all you need is to be registered or login on Mondaq.com. At an Open Commission Meeting, the CFTC approved a final rule updating the swap execution facility ("SEF") regulatory regime, approved new exemptions from the trade execution requirement, and withdrew an unadopted proposal due to marketplace concern over anticipated operational challenges and high compliance costs. The adopting releases stem from a 2018 proposal. (A Cadwalader Memorandum relating to that proposal is available here.) In the third action, the CFTC withdrew the portions of the...